Construction of a new townhouse project in Regina is officially underway; contributing much needed affordable housing for the city. Almost $11.9 million in construction financing has been provided by the Government of Saskatchewan through the HeadStart on a Home (HeadStart) Program for this project, being built by Oak Park Living.
"Our Government is committed to increasing the supply of safe, affordable housing in communities across the province," Social Services Minister and Minister Responsible for Saskatchewan Housing Corporation June Draude said. "That is a key component of our Saskatchewan Growth Plan, and we’re pleased to be able to help families achieve their dreams of homeownership through programs like HeadStart."
The City of Regina is offering incentives of up to $100,000, including up to $50,000 made available through Saskatchewan Housing Corporation’s Affordable Home Ownership Program. Buyers of Life Townhomes units that meet provincial income criteria may qualify for the City of Regina’s Housing Incentive Program.
"Affordable housing is a priority for our community," Regina Mayor Michael Fougere said. "This unique project is another step toward resolving Regina’s housing shortage. 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 buyers."
"As the Fund Manager of HeadStart on a Home, Westcap is very pleased to have approved more than $155 million in construction financing for 955 entry-level homes to date, over 250 of which are now occupied," and CEO of Westcap Mgt. Ltd. Grant Kook said. "For young professionals, newcomers to Canada, single parents, or other individuals in a similar financial situation, owning a home may seem like an unattainable dream in today’s growing economy. HeadStart on a Home can help to make those dreams a reality by addressing the increasing need for entry-level homes in Saskatchewan in collaboration with our Credit Union partners, through projects like this project in Regina."
The Life Townhomes project is located at 4545 Delhaye Way in Regina’s Harbour Landing neighbourhood, and consists of 72 units in total. 64 of the townhouses are funded by HeadStart, while the remaining eight will be sold as rentals by the developer.
Each three-storey townhouse has a single-car attached garage, with between 1,000 (two bedroom) and 1,061 (three bedroom) square feet of living space. The purchase prices start at approximately $258,000. Occupancy is expected to begin in April 2014.
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.
Builders and developers are required to work with municipalities to submit their HeadStart on a Home application. 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 for a comparable home 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.