Nunavut Housing Corp. revamps down payment program
GN hopes to encourage private real estate market
The Nunavut Housing Corp. has changed its main homeownership plan, the Nunavut Down Payment Assistance Program, to encourage the development of private real estate markets in the territory.
The purpose of the plan is to help prospective homeowners put together down payments.
In a news release, the housing corporation said they’ve made the following changes:
• The down payment assistance amount is changed from a fixed sum to a percentage of the purchase price.
• The corporation will contribute 7.5 per cent of the purchase price up to a maximum of $30,000 in down payment assistance. The client must contribute 2.5 per cent of the total cost.
• The corporation will provide assistance up to the first $400,000 of a home’s purchase value. For homes in excess of $400,000, the client is responsible for financing any amounts beyond the corporation’s level of assistance.
• The two-year Nunavut residency requirement is eliminated, to promote the development of a private market and homeownership.
• To give flexibility to Nunavummiut moving between communities, the requirement that states clients “cannot have owned a home in the last 5 years” is changed to “cannot have owned a home in the community in which they are applying for NDAP in the last 5 years.”