Regina families are celebrating increased access to safe, quality homes at Rosemont Court, a 78-unit townhouse-style condominium located at 1201-1293 Grey Street and 1210-1225 Empress Street. The Government of Saskatchewan provided $13 million in financing assistance to the developer, NewRock Developments, through the HeadStart on a Home (HeadStart) program.
"We all know that there is a real need for housing of all types in Saskatchewan," Regina Walsh Acres MLA Warren Steinley said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "HeadStart is a means to help make homes affordable for many Saskatchewan people transitioning from the rental market into homeownership. Safe and affordable housing is a key component of our government’s Plan for Growth, as we meet the challenges that come along with a growing economy and province."
"HeadStart on a Home addresses the current need for entry-level homes in our province," Westcap Mgt. Ltd. President and CEO Grant Kook said. "As housing prices increase, homeownership becomes unattainable for many people. As the Fund Manager of HeadStart, working closely with our Credit Union partners as well as local municipalities like the City of Regina, we are very pleased to have approved more than $177 million in construction financing, resulting in 498 units sold to date."
The project consists of 78 bungalow-style and two-storey townhouse style condominiums, from 1,137 to 1,234 square feet, in seven separate buildings. The property was originally an elementary school and was most recently owned by a church. NewRock Developments purchased the land in early 2012 and demolished the building in October. Occupancy began in July 2013. Each home ranges in price from $238,000 to $283,000 including GST, and is warranted under the New Home Warranty Program. The estimated total project cost is $14.7 million.
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 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 (Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, and Weyburn) to offer HeadStart on a Home down payment 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.