Construction is booming in the city and that means more opportunities for local families to become home owners.
Two more Yorkton condominium developments, totalling 20 entry-level homes were announced last week and together they are receiving $3.4 million in financing through the HeadStart on a Home (HeadStart) program.
The announcement was made at a ground breaking ceremony for Good Spirit Crescent, a 14-unit project which received $2.4 million in financing under the program. The second project, Fifth Avenue Estates, received $972,000 in financing to build six additional homes.
"The construction of these projects is wonderful news for the citizens of Yorkton and surrounding area," says Yorkton MLA Greg Ottenbreit on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude.
"As our province continues to grow and prosper, and more people are calling Saskatchewan home, finding an entry-level home that is affordable in today's market can be challenging. I am pleased that HeadStart is helping to address this issue, and that developers and home purchasers are expressing interest in the program."
"HeadStart on a Home is a made in Saskatchewan solution that will help sustain our current growth and prosperity in this province," adds Westcap Mgt. Ltd. President and CEO Grant Kook. "As the fund manager of HeadStart, working closely with our credit union partners, we are very pleased to have approved more than $57 million in entry-level projects to date, including these two projects in collaboration with the City of Yorkton."
The Good Spirit Crescent project will consist of 14 three-bedroom units in seven semi detached bungalows. It is under construction in the new Riverside Terrace subdivision at 205 Good Spirit Crescent. Each unit will sell for $236,000. Fifth Avenue Estates, located at 164 Fifth Avenue South, will contain six three-bedroom units in two-storey detached homes. The cost of each home will be $239,750. Both projects are expected to be ready for occupancy in the fall of 2012.
Municipalities may apply for the loans on behalf of builders and developers. Funding of more than $200 million is available for the program through the Federal Immigrant Investor Program, which will flow through the Saskatche-wan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. (Westcap). SIIF is a subsidiary of Crown Investments Corpora-tion.
HeadStart on a Home will finance construction of at least 1,000 new entry-level homes over the next five years. Builders and developers are eligible for construction loans of 90 per cent of the construction cost of the homes, including land, at an interest rate of four per cent. The target sale price for homes constructed through HeadStart on a Home will be at or below the MLS average sale price in each community, expected to range from $180,000 to $300,000.
The homes may include condominiums, multi-unit, single family dwellings, modular homes or ready-to-move units.
Westcap is partnering with Saskatchewan credit unions (Advantage, Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, Spectra and Weyburn) to administer HeadStart on a Home to ensure communities across Saskatchewan have every opportunity to be a part of this housing program.
Builders who are interested in meeting their community's housing needs may contact Westcap directly or contact the local participating credit union to discuss the project and eligibility.
For more information about HeadStart on a Home, visit the website at www.headstartonahome.ca.
