A new program will gift established residents of Langford a portion of downpayment costs towards new homeownership, funded over the last five years by developers as a condition of rezoning.
The City of Langford’s Attainable Home Ownership Program was announced during Oct. 18’s council meeting. By imposing additional rezoning fees on every Langford developer over the last five years, Langford Mayor Stewart Young said the city was able to earmark $3 million towards their affordable housing fund, which will assist 250 families in making a downpayment on those finished homes.
“This program comes at the height of a major housing crisis across the region and will assist those Langford families who could afford a mortgage payment but are struggling to save the amount necessary for a downpayment,” Langford Mayor Stew Young explained in a statement.
https://www.vicnews....of-downpayment/
Households of at least two people having lived in Langford for at least two years, earning less than $125,000 combined gross annual income, without real estate or over $50,000 in assets and who qualify for pre-mortgage approval will be able to apply for the program. Funds gifted from the program can reach up to 75 per cent of the downpayment on a two-bedroom condo not exceeding $450,000.
Edited by Victoria Watcher, 20 October 2021 - 06:05 AM.