TORONTO--(BUSINESS WIRE)--Options for Homes (“Options”), a not-for-profit developer that pioneered the use of shared-equity mortgages in Canada, today broke ground on its 14th condo project located at Lawrence Avenue West and Weston Road. With up to $6.6 million in city support in the form of development charge deferrals on 147 units, The Humber is a part of Options’ mission to tackle Toronto’s housing affordability crisis.
“I want to thank the City for its ongoing support through the Home Ownership Assistance Program,” said Heather Tremain, CEO of Options for Homes. “We have a 25-year history of helping people of moderate incomes access home ownership but it’s getting harder as real estate values soar in Toronto. Programs like this help us to make a greater impact.”
The Home Ownership Assistance Program (HOAP) reduces upfront development costs, savings that then flow through to eligible buyers of new homes in the form of down payment assistance of up to $60,000.
“Options for Homes is a valued partner in our city-building efforts and in the creation of affordable home ownership opportunities for Toronto residents,” said Toronto Mayor John Tory. “As our city continues to grow, we must work with community partners to find solutions that will increase access to affordable housing. The City is pleased to continue to support these developments from Options to ensure we provide a range of more affordable homes in Toronto where individuals can live and thrive.”
“I’d like to congratulate Options for Homes for their success in partnering with the City of Toronto and providing affordable home ownership options to future members of our community. The Humber project is a valuable addition to our vibrant York South–Weston community”, said Councillor Frances Nunziata, Ward 5 York South-Weston.
Individuals and families who can secure a mortgage with a primary lender and make a down payment of at least five per cent at the time of purchase are eligible to buy with Options and to borrow 10-15 per cent to boost their down payment. These loans from both Options and the City are treated as equity by financial institutions, require no debt servicing, and are repaid with shared appreciation when the recipient moves or sells.
About Options for Homes
Options for Homes is Canada’s largest developer working exclusively on making home ownership more affordable. Operating for 25 years without ongoing government funding, Options is a social enterprise focused on helping middle-income Canadians who can generally afford the carrying costs of home ownership but don’t have the resources to save for a large down payment. Options works with Deltera, the construction arm of Tridel, to build high-quality condo apartments and townhomes and has completed more than 3,000 residential units and currently has another 2,100 in its development pipeline. For more information, visit www.optionsforhomes.ca.