Home Ownership Program
Homeownership program applications will be accepted until all funding has been allocated.
PROGRAM RULES
- The maximum amount of the AHP Home Ownership down payment loan (AHP loan) will be up to five percent (5%) of the purchase price of the home to a maximum of $12,000.00.
- The AHP loan is available for down payment assistance only, and may not be used for any construction financing.
- The AHP loan will be in the form of a 20 year interest free loan registered on title.
- On the 20th anniversary date of the home purchase, the AHP loan can be discharged at the request and expense of the homeowner.
- The AHP loan plus five percent (5%) of the capital gain will be repayable to the City of Kingston if, prior to discharge of the AHP loan, one or more of the persons registered on the mortgage cease to occupy the property as their sole and principal residence or there is any other default of the AHP loan agreement.
- Approved applicants will be responsible for all costs associated with finalizing the purchase, including legal fees, land transfer tax, utility connection fees, etc.
- All re-sale homes must have a home inspection completed at the expense of the purchaser and a copy provided prior to payment of the AHP loan.
ELIGIBLE HOMES CONSIDERED
- Home purchased must be located within the City of Kingston or County of Frontenac.
- Homes purchased can be new or re-sale.
- Homes must be priced at or below the maximum house price as determined and adjusted quarterly by the Ministry of Municipal Affairs and Housing (MMAH). Applicants will be advised of the maximum house price in the letter of approval. The current maximum house price is $233,411.
- Units may be detached, semi-detached, condominiums, stacked homes, or row houses.
- Multi-residential units (duplexes, triplexes, etc.) and mobile homes are not eligible.
HOUSEHOLD ELIGIBILITY
- Must be a permanent resident of the City of Kingston or County of Frontenac.
- Must be a renter household buying a sole and principal residence.
- Must not own a home or have any vested interest in a residence.
- Must be at least 18 years of age to apply.
- Must have gross household income at or below $70,900 as established by MMAH.
- Must be a Canadian citizen, landed immigrant, or have Refugee Claimant status.
- Must provide documentation as follows:
- two (2) most current Notices of Assessment (2008 & 2009)
- verification of current income
- verification of rental status, and
- photo identification (do NOT send a copy of your health card)
- mortgage pre-approval from a primary lending institution at time of application.
APPLICATION/SELECTION PROCESS
- Only complete applications with all required documentation will be reviewed and considered for eligibility.
- Allocations will be provided to approved applicants in order of receipt.
- Approved applicants will receive a time-limited conditional letter of approval.
- Applicants must provide a fully executed Purchase and Sale Agreement within 60 days of receipt of the conditional letter of approval.
- Upon receipt of a fully executed Purchase and Sale Agreement, eligible applicants will receive a final commitment letter specifying the exact amount of down payment assistance to be provided for the home being purchased.
Program will be available until all funds are allocated
If you require more information call 613-546-2695 extension 4943.
Completed Applications should be sent to:
City of KingstonCommunity and Family Services - Housing Programs
Attention: Lorraine Mustard
362 Montreal Street, Kingston, ON K7K 3H5
Please mark the envelop "Home Ownership Application"
