Hamilton down payment assistance program

HAMILTON, Ontario - April 24, 2018 - PRLog -- The Home ownership Down Payment Assistance Program (DPAP) is for low to moderate-income residents who rent in Hamilton, and want to buy a home.

Eligible renters can now get down payment assistance.

As part of the province's Investment in Affordable Housing for Ontario program, the City of Hamilton is once again launching the down payment assistance program to make home buying easier.

The program provides down payment assistance to low- to moderate-income residents currently meeting their rent costs, but finding it challenging to raise the down payment necessary to purchase a home.

Previously, nearly 200 households in Hamilton received help to buy their first home, freeing up much-needed rental space, said Allison Jones, city communications officer.

Assistance is in the form of a 20-year forgivable loan equal to 10 per cent of the home's purchase price, giving lower income households the ability to manage additional costs. If the house is sold after the 20-year period, there is no required repayment.

Starting May 3, 2018 you can download an application for this funding and submit it in person at the Housing Services office at 181 Main Street West, 3rd Floor, Hamilton, ON L8P 4S1.

To be eligible, applicants:

1.       Must be over the age of 18 years old

2.       Have been renting in the City of Hamilton for at least the last 6 months

3.       Do not currently own a home or property

4.       Be a legal resident of Canada and intend to have this home as their one and only residence

5.       Must have pre qualified for a mortgage with a maximum home price of $375,000

6.       Have a combined maximum gross income of $80,000 annual income of all members of the household

7.       Do not have, and are not in a spousal relationship, including a same-sex spousal relationship with a person that has, any form of interest in ownership of a property

8.       Students are not eligible to apply for this program

Funding will be issued on a first-come, first-serve basis to eligible participants until the reserve is exhausted.

2018 Down Payment Assistance Program (DPAP) Information Sessions

To learn more about this program, we encourage you to attend a Home Readiness Information Session:

Session 1: Thursday May 3, 2018 at 1 to 2:30 pm

The McMaster University Center for Continuing Education

1 James North, 2nd floor, room 204

Session 2: Thursday May 3, 2018 at 6 to 7:30 pm

The McMaster University Centre for Continuing Education

1 James North, 2nd floor, room 204
Since seating is limited, please RSVP before April 26, 2018 or contact the Housing Administration Clerk at 905-546-2424 ext 1554

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