Groundbreaking partnership enables affordable housing

Times Editor

 

An innovative partnership between the Government of Alberta, the Town of Strathmore and Classic Construction Limited (CCL) is making it affordable for people to purchase their own home.

The partnership, which has been in the works for years, is close to fruition, with the first phase of the Bayside Villas to complete this summer.

The announcement was made at the Home Buyers Open House, Feb. 10 at the Strathmore Civic Centre. The Bayside Villas is located off of Thomas Drive at Bayside Place.

“To me, this looks like an innovative project – perpetually affordable housing (with) good partners is really positive,” said Arno Doerksen, Strathmore-Brooks MLA. “It encourages people to invest in their own home. The fact that this goes forward in perpetuity – that the public contribution isn’t lost, that it stays in place and provides a new opportunity for someone in the future – I think is very positive.”

Through grant money, the Town of Strathmore will own a second mortgage on every home, which reduces the cost to the buyer by 30 per cent. There is no interest or payment required on the second mortgage as long as the homeowner continues to own and reside in the home. Potential homeowners need to be between a minimum and maximum income bracket to be accepted for the program.

The town will hold a mortgage of $47,900 on every two-bedroom home and $52,925 on every three-bedroom home. This enables homebuyers to have a down payment as low as $2,159 for a two-bedroom and $2,388 for a three-bedroom.

Strathmore Mayor Steve Grajczyk, a former real estate agent for over 30 years, said there are a lot of people who just can’t take that first step and make a down payment on a home. However, this project makes it more obtainable.

“In this day and age, that is unheard of,” said Grajczyk about the affordability of this project. “It has a tremendous value to the community.”

According to CCL President/CEO Murray Prokosch, the response to the project, in such a short amount of time, has been great.

“I think there is a huge need here for what we are doing,” said Prokosch. “We just need to get the word out on how exactly it works.”

If you are interested in the Bayside Villas Project or if you have any questions, please call (403) 934-9974.