Construction of a new $2.1 million housing project for 11 entry-level homeowners is officially underway in Meadow Lake. Funding assistance of $1.9 million was provided by the Government of Saskatchewan through the HeadStart on a Home (HeadStart) program. It will be the first Meadow Lake project under this initiative.
"Our government is proud to help 11 Meadow Lake families become homeowners through HeadStart," Meadow Lake MLA Jeremy Harrison said, on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "This is part of our Saskatchewan Growth Plan, the goal of which is ensure that everyone shares in the benefits of Saskatchewan’s growth, including having their very own home to live and take pride in."
"HeadStart is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province," Westcap Mgt. 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 more than $139 million in construction financing for 875 entry-level homes to date – including the 11-unit project in collaboration with the City of Meadow Lake."
Located at 415 – 7th Avenue East, the project will consist of 11 single family units. Homeowners will have the option of either a two storey, 1,306 square-foot, three-bedroom home or an 1,120 square-foot, three-bedroom, bungalow style home. Each home will sell at $262,500 including GST. Occupancy is expected by April 2014.
Down payment assistance will be made available through the HeadStart Equity Builder ProgramTM, and the city is offering a three-year tax abatement program for purchasers.
HeadStart on a Home 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 on a Home 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 on a Home 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.