A made-in-Langford program that provides down-payment help to purchase a condo in the city is casting a wider net to attract more people.
The Attainable Home Ownership Program provides down-payment assistance to middle-income households that qualify for a mortgage and want to break into the condominium market, but have difficulty saving the minimum down payment.
Under previous rules, the assistance was only available to people who had lived in Langford for at least two years, but the city announced Thursday that eligibility has expanded to anyone who has lived or worked there for at least six months and meets the program’s financial requirements.
“Affordable and attainable housing remains a priority of Langford council,” Langford Mayor Scott Goodmanson said at an event unveiling the Trailside at the Lake condominium project on Thursday.
Goodmanson said the program won’t solve the housing crisis, but it will help some individuals and families who have been working in Langford, but have to commute.
“If you can spend an extra hour with your family and take a car off the roads in the CRD, that’s worth it.”
Developed by Keycorp Developments and Seacliff Properties, the six-storey project includes 37 units that fit the “attainable” price ranges that qualify for the assistance program.
The initial phase will be ready in December, and the second phase next spring.
Assistance with the 5% down payment is granted on a sliding scale based on gross annual household income.
Those with incomes less than $119,999 would receive 75% of the minimum down payment, while those earning $120,000 to $134,999 would receive 50% and those earning up to $150,000 would receive 25%.
The granted money doesn’t have to be paid back and buildings in the program are pet-friendly.
Support is provided through Langford’s Affordable Housing Reserve Fund, which is funded by developer contributions as a condition of rezoning. No taxpayer dollars are used, according to the city.
Financial requirements for applicants are based on the size of the unit.
One-bedrooms require a household income of $125,000 or less and a pre-mortgage approval of $399,000. A three-bedroom unit requires a household income of $150,000 or less and a pre-mortgage approval of $499,000.
Applicants can’t own any other real estate, have more than $50,000 in assets or have any access to down-payment assistance from family or any other sources.
Eligible buyers are also subject to a housing agreement registered on title that stipulates the resale price will be limited if the home is re-sold and restricts the unit being rented within the first five years of ownership.
Malcolm McNaughton, Keycorp Consulting’s director of planning and business development, said the new condos are being offered at a “significantly reduced price” of $100,000 or more under market value.
“We in the development community know that quality, attainable housing is key to our community’s success,” he said.
“For years we’ve worked with the city so that more Langford residents and workers can have the flexibility and opportunity they need to purchase their own home. At Trailside, families will be able to work, play and achieve the dream of new homeowners in our amazing community.”
The Scene condominium towers, in pre-construction phases in downtown Langford, are also part of the Attainable Housing Program.
See details at Langford.ca/WelcomeHome.
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