Home ownership down payment Assistance for residents of Frontenac, Kingston-Ontario

April 9, 2012 - PRLog -- The City of Kingston is committing $340,000 in funding to its Home Ownership Program over three years to help Kingston residents buy a home.

“It is great news for first time buyers for the residents for Frontenac and at least 10 eligible households have the opportunities to become proud home owner” says Navtaj Chandhoke, founder of World Wealth Builders, a Canadian Real Estate investors training centre since 1993.

“The down payment assistance is equal to 5% of the purchase price to a maximum of $12,500.00 for first time home buyers who are currently renting it in the county of Frontenac” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada, “who do not have any vested interest in any Real Estate can apply for this assistance”.

Municipal Home Ownership Program

The City of Kingston has committed funds for the creation of a home ownership program to provide down payment assistance to City residents renting and purchasing within the City of Kingston. A total of $340,000 will be available through this program over the next three years.

AHP Home Ownership Program

Under the previous Canada-Ontario Affordable Housing Program, a home ownership program provided down payment assistance to all residents of the City of Kingston and County of Frontenac. Through a revolving reserve fund, there is currently funding available under this program for households renting and purchasing within the City of Kingston or the County of Frontenac.

Both programs are available with the same program rules and application process as set out below:

Program Rules

The funding is available only for down payment on the purchase of a home.
The funding cannot be used for any construction financing or any other purpose.
Approved applicants must provide a fully executed Purchase and Sale Agreement within ninety (90) days of receipt of the Letter of Conditional Approval. Closing date may be beyond 90 days.
The funding will be paid directly to the home purchaser’s solicitor upon closing the purchase.
The maximum amount of the funding will be up to five per cent (5%) of the purchase price of the home to a maximum of $12,500.00.
The funding will be in the form of a 20 year interest free loan registered on title.
The home purchaser will be responsible for covering all costs associated with finalizing the purchase of the home, including legal fees, land transfer tax, and any other related costs.
All re-sale homes must have a home inspection completed at the expense of the home purchaser and provide verification of same (i.e. copy of inspection summary page and invoice).
The funding will be forgiven and can be discharged at the request and expense of the home owner on the 20th anniversary date of the home purchase.


For more information regarding Home Ownership Program fact sheet for rules and eligibility requirements and apply. Go to www.cityofkingston.ca/homeownership.

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Navtaj Chandhoke is a Canadian-based real estate investor, speaker, author, educator and the founder of World Wealth Builders, leading RE investors education,mentoring, support and network of over 5300+ Canadian investors since 1993. Learn more about "No Money Down for Canadian Real Estate" in his LIVE presentation.
www.WorldWealthBuilders.com/live | www.preigCanada.com/membership|