Twelve Saskatoon individuals and families are celebrating the opening of Mosaic, a new 12-unit condominium located at 313 Avenue D South in the Riversdale neighbourhood of Saskatoon. The Government of Saskatchewan provided $1.98 million in financing assistance to the developer, Quint Development Corporation and Shift Development Inc., through the HeadStart on a Home (HeadStart) program.
"This is yet another successful project undertaken by various partners working together to improve the quality of life of Saskatchewan people," Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude said. "HeadStart is a wonderful way to help moderate-income individuals and families purchase an entry-level home, and to foster more partnerships between the private sector and different levels of government to create homeownership opportunities. We will continue to help make this possible as we move forward with our government’s Plan for Growth."
"HeadStart is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province," President and CEO of Westcap Mgt. Ltd. Grant Kook said. "As the Fund Manager of HeadStart, working closely with our Credit Union partners, we are very pleased to report that there are currently 912 homes either completed or currently under construction, including this 12-unit project in collaboration with the City of Saskatoon."
Mosaic consists of 12 two-storey condominiums with an enclosed parking garage for each unit. The project offers studio, one- and two-bedroom units ranging from 894 to 1,446 square feet. All units include radiant floor heating, energy efficient R-28 wall insulation and a heat recovery ventilation system. The purchase prices start at $210,500.
HeadStart was announced in March 2011 to finance construction of entry-level homes in Saskatchewan. 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 financing 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 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.