Aria Condominiums, a new housing development for 66 entry-level homeowners, is officially underway in Saskatoon, thanks to $14.2 million in financing assistance through the Government of Saskatchewan’s HeadStart on a Home (HeadStart) program.
"Many people are looking for affordable and entry-level homes in Saskatoon," Environment Minister Ken Cheveldayoff said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "HeadStart is an innovative way to increase the housing supply to meet the differing needs of our growing population and economy. Most importantly, 66 lower-income individuals and families will be able to enjoy the benefits of owning a home and becoming a part of the community."
"As the Fund Manager of HeadStart on a Home, Westcap is very pleased to have approved more than $158 million in construction financing for 973 entry-level homes to date," Westcap Mgt. Ltd. President and CEO Grant Kook said. "HeadStart is addressing the increasing need for entry-level homes in Saskatchewan, working closely with our Credit Union partners, including this 66-unit project in Evergreen, in collaboration with the City of Saskatoon."
Located at 225 Maningas Bend in the new Evergreen neighbourhood of Saskatoon, Aria Condominiums will be a three-storey apartment-style building consisting of 66 one- and two-bedroom units. The units range from 682 to 1,246 square feet and each is priced between $220,500 and $365,000, including GST. The homes will feature in-floor heating, central air conditioning, five appliances and underground parking. Each unit is covered with new home warranty protection. Occupancy is expected to start in October 2013.
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 of 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 is at or below the MLS average sale price in each community. The homes may include condominiums, multi-unit dwellings, 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 offer HeadStart on a Home downpayment loans for purchasers and 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.
For more information contact:
Grant Kook, President/CEO
Westcap Mgt. Ltd.