Construction of a new $2.5 million condominium for nine entry-level homeowners is officially underway in Pilot Butte. About $2.27 million in construction financing has been provided by the Government of Saskatchewan through the HeadStart on a Home (HeadStart) Program for this project being constructed by Sun Country Homes.
"Pilot Butte is the latest community to participate in HeadStart and our government is proud to help make that happen," Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "HeadStart provides an opportunity for Saskatchewan families to purchase a safe, quality home that is affordable, and is a key component of our Saskatchewan Growth Plan."
"A growing economy needs workers. To attract people to Saskatchewan, we need to build solid communities for them to live and raise their families in, and help them put a roof over their heads," said Grant Kook, President and CEO of Westcap Mgt. Ltd., fund manager for HeadStart on a Home. "HeadStart is addressing the increasing need for entry-level homes in Saskatchewan, working closely with our Credit Union partners, including this project in collaboration with the Town of Pilot Butte."
The homes are under construction at 101-117 Plains Circle in Pilot Butte, and will consist of two-storey townhouse-style and single-storey bungalow-style single family dwellings. Each home is priced between $319,000 and $330,000 including GST, and is covered with new home warranty protection. The homes are expected to be completed in December 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 up to 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. 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 Mgt. Ltd. is partnering with Saskatchewan credit unions (Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, and Weyburn) to offer down payment loans for purchasers through the HeadStart Equity Builder ProgramTM 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 Mgt. Ltd. directly.
For more information contact:
Grant Kook, President/CEO
Westcap Mgt. Ltd.