Randy Graham of Innovation Credit Union approached Battleford Town Council Sept. 19 to introduce council members to a government program aimed at addressing housing concerns at the entry-level in Saskatchewan.
The initiative, called the Headstart Home Program, is a provincial government program aimed at increasing the number of entry-level homes in Saskatchewan. Under the program, contractors enter into financing agreements with Westcap Financial to build homes on speculation and repay Westcap after the sale. Because of the arrangement, money does not flow through the municipal government. The municipal government's role is merely to help contractors complete the requisite Municipal Application Form and advertise that the program exists.
Because contractors typically shy away from speculative building, the program is designed to encourage their construction. With Saskatchewan's growing population and increased immigration, the need for inexpensive homes is increasing. With the program, the government hopes to increase the number of homeowners and encourage renters to buy.
"Our goal should be to see some affordable housing being constructed," explained Graham. "That's the total basis of the program, to see more affordable housing."
Graham visited town council in part to inform council about the program, but also to encourage them to add incentives of their own, possibly in the form of reduced taxes.
Though the program is only in its early stages, it is meant to finance the construction of 1,000 homes across the province over the next five years. Though funding for the program comes from the Saskatchewan Immigration Investor Fund, buyers of the homes constructed with the program do not have to be immigrants or even first-time home buyers.
For more information about the program, visit www.headstartonahome.ca.
