How the Program Works

In a nutshell

 

One significant barrier to homeownership for many moderate-income Calgarians is the down payment. We remove this barrier through an investment partnership. You, as the home buyer, provide $2,000 and we provide the rest to get to the required five percent down payment. You live in your home as long as you want. If and when you sell your home, that’s when a portion of the home’s appreciation goes back into the program to pay it forward to future participants. The longer you live in your home, the larger your share to a maximum of 75 percent.

 

Eligibility

  • ·         Maximum household income of $90,000/year with dependent children living in the home
  • ·         Maximum household income of $80,000/year with no dependent children living in the home
  • ·         Your assets are less than 20% of the home’s purchase price, up to a maximum of $50 000  (this does not include primary vehicle, RESP, RRSP & pension)
  • ·         You can qualify for a mortgage and put $2,000 of your own money down
  • ·         You complete one of our home education sessions (group session or independent)
  • ·         Your home will be your permanent and only residence

Shared Equity Calendar

You never have to sell your home. But if you do, that’s when we share in the home’s appreciation with you. If you live in your home for three years or more, you will keep three quarters of the increase in your home’s value. The portion we take is to help pay it forward to future program participants.

Years of ownership*

Your share of the home’s appreciation

0 – 1 year

0%

1 – 2 years

25%

2 – 3 years

50%

3 + years

75%

 

*There is no minimum or maximum length of time required.

Example

Sometimes it’s easier to understand how the program works when we walk through an example.

Purchase price

$220,000

Deposit from you

Gifted down payment we provide

               $2,000

$9,000

  

Your mortgage from a preferred lender

$209,000

 

 

   

Say you sell your home after four years and the appraised value is $254,700.

Market value of your attainable home

$254,700

Minus your original deposit

$2,000

Minus your mortgage amount

$209,000

Appreciation (increase in value)

$43,700

 

The home grew in value by $43,700. If you are selling after four years of ownership, you keep 75% of that value or $32,775. The program keeps 25% or $10,925 which is paid forward to more people like you. It’s an investment partnership that works to help you and others like you.

3 Simple steps that could change your life

WE MAKE HOME OWNERSHIP HAPPEN

Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap. 

Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.

Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.

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