Westcap Mgt. Ltd. to Deliver HeadStart on a Home Program

  • August 3, 2011

Saskatchewan’s newest affordable housing program is one step closer today
with the appointment of Saskatoon’s Westcap Mgt. Ltd. as the fund manager in
charge of delivering the program.

Headstart on a Home will finance construction of at least 1,000 new, entry-level
homes over the next five years. Builders and developers will be eligible for loans
of 90 per cent of the construction cost of the homes, including land, at an interest
rate of four per cent.

"HeadStart on a Home is an important component of our affordable housing
plan," Social Services Minister June Draude said. "We will be increasing the
housing inventory for people with modest incomes so they can buy their own
homes. By working with the municipalities and community partners such as the
credit unions, Westcap can ensure projects are tailored to meet each
community’s specific needs."

The target price for the homes will be at or below the MLS average for the
respective municipalities, likely ranging from $180,000 to $300,000. The homes
may include condominiums, multi-unit, single family dwellings, modular homes,
ready-to-move, etc.

Westcap has partnered with the lead credit unions, including Affinity, Conexus,
Innovation, Cornerstone, Synergy and Spectra, to build on their presence in the
communities in delivering the program. Throughout the summer, they will begin
contacting municipalities, builders and developers to develop a list of "shovel
ready" projects.

"Westcap Mgt. Ltd. is very excited to have been selected as the fund manager for
HeadStart on a Home Program, which will have a tremendous economic impact
across Saskatchewan communities and also help to attract new workers,"
President and CEO Grant Kook said. "We look forward to working with provincial
and municipal governments, builders and developers and our partnering Credit
Unions. This fund is a natural extension to the family of funds we manage today
which are focused on building Saskatchewan."

Municipalities will apply for the loans on behalf of builders and developers. There
is over $200 million in funding available for the program through the federal
Immigrant Investor Program, which will flow through the Saskatchewan
Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. SIIF is a
subsidiary of Crown Investments Corporation.

"On behalf of the six lead Credit Unions: Affinity, Conexus, Cornerstone,
Innovation, Spectra and Synergy, we are pleased to be community champions
on this important program at the grass roots level in Saskatchewan," Chief
Operating Officer of Affinity Credit Union Mark Lane said. "Working in partnership
with Westcap and all levels of government to improve access to suitable entry
level housing helps build a solid foundation on which to secure employment,
raise families and build strong communities; core values important to our

In the months ahead the Credit Unions will announce a complementary program
to help new home buyers purchase a new home constructed by the HeadStart on
a Home program.

Westcap Mgt. Ltd. will be making a further announcement in the fall on program
details and selecting 3-5 projects for investment before the end of 2011.

For more information, contact:

Andrew Dinsmore
Social Services

Grant Kook
Westcap Mgt. Ltd.

Mark Lane
Affinity Credit Union