Province Announces New BC HOME Partnership
December 19th, 2016
Starting in January 2017, the Province of BC is partnering with first-time homebuyers through the new BC HOME Partnership program. The program will offer eligible first-time homebuyers a down payment loan of up to 5% of the purchase price of a home, meeting the buyer’s contribution to a maximum purchase price of $750,000. The loan is interest-free and payment-free for the first five years. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates. Loans through the program become due after 25 years – the same length as most mortgages.
The below is excerpted from the Province of BC News Release
The Province’s commitment to housing action is driven by six key principles:
- Ensuring the dream of home ownership remains within the reach of the middle class
- Increasing housing supply
- Smart transit expansion
- Supporting first-time home buyers
- Ensuring Consumer Protection
- Increasing rental supply
The B.C. government has committed $855 million over five years, including $575 million this year, to support the construction or renovation of 4,900 units of affordable housing throughout the province.
Since 2001, the B.C. government has invested $4.9 billion to provide affordable housing for low income individuals, seniors and families.
More than 104,000 B.C. households benefit from a diverse range of provincial housing programs and services.
Additional details about the B.C. Home Owner Mortgage and Equity Partnership program can be found here: https://homeownerservices.bchousing.org/
Categories : News