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Read All Latest NewsLANGFORD’S INNOVATIVE ATTAINABLE HOUSING PROGRAM BROADENS ELIGIBILITY
JUNE 22, 2023
LANGFORD’S INNOVATIVE ATTAINABLE HOUSING PROGRAM BROADENS ELIGIBILITY
On Thursday, June 22, the City of Langford announced updates to the Attainable Home Ownership Program, including new program partners, Keycorp Developments and Seacliff Properties, representing the Trailside at the Lake project. Updates broaden eligibility requirements around income and residency status to make the Program accessible to more home buyers. Previously, applicants were required to be a Langford resident for two-years to qualify. Now, applicants who have resided or been employed in Langford for the past six-months are eligible. There are two phases to the Trailside at the Lake project, including 37 attainable units. Phase one will be ready this December, the second phase ready next spring.
“Affordable and attainable housing remains a priority of Langford Council,” said Langford Mayor Scott Goodmanson. “The changes announced today to the Attainable Home Ownership Program will allow more residents to qualify for down payment assistance and achieve their goal of home ownership. We are pleased to see Keycorp Developments and Seacliff Properties join as partners and look forward to seeing eligible participants moving into their new homes by the end of the year.”
The Program provides down payment assistance to individuals and families in purchasing a condominium at a purchase price attainable to the middle-income household. The Program is intended to help people who may qualify for a mortgage but are challenged to save the minimum down payment required. Support is provided through the City’s Affordable Housing Reserve Fund, entirely funded by developer contributions as a condition of rezoning. Eligible buyers are subject to a Housing Agreement registered on title that stipulates the resale price will be limited if re-sold and restricts the unit being rented within the first five-years of ownership.
“We in the development community know that quality, attainable housing is key to our community’s success. For years we’ve worked with the City so that more Langford residents and workers can have the flexibility and opportunity they need to purchase their own home,” said Malcolm McNaughton, Keycorp Consulting’s Director of Planning and Business Development. “We are pleased that Trailside at the Lake is our first project under this new Program, and we’re excited to offer these brand-new homes at a significantly reduced price of $100,000 or more under market value. At Trailside, families will be able to work, play and achieve the dream of new homeowners in our amazing community.”
To learn more about the Program including eligibility visit Langford.ca/WelcomeHome
MEDIA INQURIES
City of Langford
Donna Petrie, Senior Manager of Business Development
t 250.478.7882
2nd Floor, 877 Goldstream Avenue, Langford, BC V9B 2X8