New Amherst development offers shot at affordable home ownership
CBC
A new affordable housing community in Amherst, N.S., nearing completion is now accepting applications from potential homeowners.
In a release Monday, Nova Scotia’s Department of Growth and Development announced that 28 homes at the new Groves at Hillsdale modular housing development will be sold under a shared ownership model that will give eligible buyers a chance to purchase a home without a down payment.
The program is being operated by United Way Maritimes, which will take an ownership stake of about 30 per cent in each unit. The organization says a one-bedroom home will cost $127,000 and a two-bedroom will cost $182,000, with mortgage payments ranging from $730 to $1,100.
“What that does is it allows us to … bring the cost of the home down for the buyer and allows them to buy without a down payment,” said Deborah Page, a vice-president with United Way Maritimes.
Prospective buyers have to live or work in Cumberland County, have a combined annual income between $50,000 and $80,000, and be approved for a mortgage to qualify.
Page said the new development will also include 19 rental units, all of which have already been assigned to applicants. Renters will also have the option to purchase their home in the future.
“We’ve had very, very positive feedback from renters as well as potential homeowners,” Page said.
“Another nice aspect of this is a renter can come in and rent and then … look at home ownership down the road.”
The province has contributed over $4 million in funding for the housing development, the federal government has invested over $2 million and the River Philip Foundation in Oxford, N.S., has provided an additional $1.7 million. The Town of Amherst also contributed nearly $640,000 toward infrastructure for the project.
Some units in the development are already finished, with the remainder expected to be completed within the next few months.
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