City of London Affordable Housing Program

 

 The Affordable Home Ownership Program is a partnership between the Government of Canada, the Province of Ontario and the City of London through the Canada-Ontario Affordable Housing Program (AHP) which will create the opportunity to purchase Affordable Home Ownership units in the City of London and in Middlesex County.

Qualifying home buyers can:

  •  receive down payment assistance of 5% of the cost of the home under the program. The down payment assistance will be provided to eligible purchasers at the time of closing of the purchase and sale of the home.
  • Qualifying home buyers can also receive another 3% of the cost of the home to assist in paying “closing costs” including legal fees and disbursements, and registration on title.
  • No interest will be charged on the AHP 5% + 3% financial assistance.
  • Eligible purchasers will be selected from those who:
    •     meet the eligibility requirements
    •     meet income criteria
    •     are approve for a mortgage at a recognized financial institution and
    •     have a signed purchase and sales agreement for a qualifying home.

Selection will be on a continuous basis until program funding is exhausted

How do I qualify?

  • at least 18 years old.
  • maximum household income is $55,000 or less.
  • must be renter.
  • not currently own a home or residential property, recreation or cottage property.

What can I buy?

  • The 2010 maximum Market Home Value is $140,000.
  • The home to be purchased must be in the City of London or in Middlesex County.
  • Vacant lots are not eligible.
  • Homes may be new units (that include a new home warranty) or resale homes.
  • Homes can be detached, semi-detached, townhouse (condo and freehold), stacked homes, row houses or condo apartments.
  • The home must be modest in size, relative to community norms, in terms of floor area and amenities.
  • A home inspection must be undertaken and paid for by the Purchaser.

Contact me Today to discuss your home ownership options.

               Matthew Santagapita, Sales Representative

                                                           Office: 519.672.9880

                                                           Direct: 519.318.7543

                                         Email: Matt@BuyInLondon.ca