To qualify for the program, a single person must have an income of less than $62,600 and a household of two or more must earn less than $75,800. Recipients can receive up to $9,700; technically, the program offers loans, but recipients who stay in their new houses for 20 years don't have to pay them back.
Under the program, the house being purchased must be within Ottawa and have a price less than $285,778, which Mr. Mawby said is close to Ottawa's median house price. The household must also qualify for and secure a mortgage. Recipients who move in less than 20 years have to repay their loans and give the city five per cent of any increase in their homes' worth; if participants default, the city has its stake returned after the banks receive theirs.
The downpayment assistance will be given out on a first-come, first-served basis, Mr. Mawby said. Application forms are available on the city's website or by calling the city's affordable housing unit at 613-580-2424, extension 43136 or 44154.