(File photo/The Canadian Press)

By paNOW Staff

homeowner grant

City makes grant program more accessible for first time home buyers

Feb 10, 2022 | 3:00 PM

Some of the final details still need to be ironed out, but the City of Prince Albert expects a new grant program will make it easier for first-time home buyers to qualify for the assistance.

The First-Time Homeowners grant will replace the Down Payment Assistance program which had very little uptake according to director of Planning and Development Services for the city, Craig Guidinger.

“We came to realize that a down payment isn’t the only place where a first-time homeowner needs assistance. So, it will be a very similar program but the availability or rationale to use those funds will have more opportunity.”

Instead of only using the funds for a down payment, qualified applicants will also be able to use the matching grant from the city of up to $2,500 to cover significant renovations to the home, or for things like a new roof or furnace installation and even closing costs associated with buying the home.

“The goal is the same. We’re trying to get people in a new home – specifically first-time homeowners. It’s just that the way you can use the money is a little bit more broad,” Guidinger said.

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Among other requirements for applicants, the home must be $200,000 or less and the household income must be $80,000 or less.

Guidinger said the grant program is timely given several ongoing projects in the city like the new OSB plant and restart of the pulp mill, expected to attract more jobs and residents to the city.

The new grant program is expected to be finalized this April.

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panews@pattisonmedia.com

On Twitter: @princealbertNOW