The Affordable Home Ownership Program:
- provides financial assistance to help municipalities stimulate homeownership
- reimburses participating municipalities an amount up to the equivalent of five years of the education portion of the property tax to provide homeowners assistance with the purchase of a home.
- Eligible municipalities must have a homeownership program which supports the acquisition of a home.
- The new homeowner (grant recipient):
- Must have household income tested and household must be of moderate income;
- Must complete a homeownership training course; and
- Must meet any requirements established by the municipality’s program.
- The municipality must contribute an amount at least equal to the amount of the municipal and education portion of property taxes to the new home’s purchase price, either in cash or equivalent (e.g. land, etc.) to be used towards the down payment
- Eligible units are limited to new construction or units converted from nonresidential to residential use.
- A maximum period of five years support per property.
- The property must remain in good standing in the municipality’s program.
- Funding is available on a first come first served basis.
- A maximum grant of $5,000 per household.