Construction of Rosemont Court, a new $14.7 million condominium project for 78 entry-level homeowners, is officially underway in Regina. Financing assistance of $13 million was provided by the Government of Saskatchewan through the HeadStart on a Home (HeadStart) program.
"Initiatives such as HeadStart support our growing population and ensure that Saskatchewan residents have access to housing of all types," Regina Walsh Acres MLA Warren Steinley said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "Ensuring access to safe and affordable housing is an important component of our Saskatchewan Plan for Growth. That’s why our government is proud to play a role in projects like this one."
"Affordable housing is an important priority for our community," Regina Mayor Michael Fougere said. "This unique project is another step toward resolving this issue. The City of Regina is pleased to contribute to this important HeadStart on a Home project. It is another great example of what can be accomplished when we work together with our partners to provide entry-level homes for first-time home buyers."
Located at 1225 Grey Street in northwest Regina, Rosemont Court will consist of 30 two-bedroom and 48 three-bedroom units in five different floor plans. The homes range from 1,137 to 1,234 square feet, and each will sell for between $238,000 and $283,000, including GST. The property was originally an elementary school and was most recently owned by a church. NewRock Developments (NewRock) purchased the land in early 2012 and demolished the building in October. Construction is expected to be complete by fall 2013.
"HeadStart is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province," Westcap Management Ltd. President and CEO Grant Kook said. "As the fund manager of HeadStart, working closely with our Credit Union partners, we are very pleased to have approved over $109 million in construction financing for 712 entry-level homes to date – including the 78-unit project in collaboration with the City of Regina."
HeadStart was announced in March 2011 to finance construction of at least 1,000 new, entry-level homes over five years. Builders and developers are eligible for construction loans of 90 per cent on the construction cost of the homes, including land, at an interest rate of four per cent.
Municipalities may apply for the loans on behalf of builders and developers. There is $200 million in funding available for the program through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. (Westcap). SIIF is a subsidiary of Crown Investments Corporation.
The target sale price for homes constructed through HeadStart will be at or below the MLS average sale price in each community, expected to range from $180,000 to $300,000. The homes may include condominiums, multi-unit, single family dwellings, modular homes, or ready-to-move units.
Westcap is partnering with Saskatchewan credit unions (Advantage, Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, Spectra and Weyburn) to administer HeadStart, to ensure communities across Saskatchewan have every opportunity to be a part of this housing program. Builders who are interested in meeting their community’s housing needs may contact Westcap directly or contact the local participating credit union to discuss the project and eligibility.
For more information contact:
Grant Kook, President/CEO
Westcap Mgt. Ltd.