The Honourable Paul Davis, Premier of Newfoundland and Labrador, today announced a $2.5 million investment for a new Downpayment Assistance Program (DAP) for first-time homebuyers. The two-year pilot program, administered by Newfoundland and Labrador Housing Corporation (NLHC), provides first-time homebuyers with low-to-moderate incomes the opportunity to qualify for downpayment loan assistance to purchase a home.
“The Downpayment Assistance Program can help make the dream of homeownership a reality for more individuals and families throughout the province. Affordable homeownership is an investment in our future, and enables us to encourage and support those who choose Newfoundland and Labrador as their home and want to live, work and raise their families here.”
– The Honourable Paul Davis, Premier of Newfoundland and Labrador
Applicants must have a total household income of $65,000 or less, and be able to obtain a pre-approved mortgage from an accredited lender. Based on a sliding scale of household income and regional residential real estate costs, an applicant may be eligible for a downpayment loan ranging from $4,000 to $12,500.
“Saving the downpayment for a home is often one of the greatest challenges for potential first-time homebuyers. Our government, under the Premier’s leadership, has created this Downpayment Assistance Program as a way to open the door to homeownership for families and individuals who never thought it would be a possibility.”
– The Honourable Clyde Jackman, Minister Responsible for Newfoundland and Labrador Housing Corporation
The program will provide eligible households a repayable loan of up to five per cent of the purchase price of a new or existing home, to a maximum purchase price of $250,000 in St. John’s (Census Metro Area) and Labrador; $200,000 in regional centres (Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville) and all communities within a 30-kilometre radius; and $175,000 in the remainder of the province. Further details are available in backgrounder below.
“Newfoundland and Labrador Housing Corporation is pleased to play an integral role in the development and management of a program which can help people enter into homeownership. Our Corporation will ensure the program is made available to all regions of our province.”
– John Ottenheimer, Chief Executive Officer, Newfoundland and Labrador Housing Corporation,
Recognizing that community collaboration is vital for a successful program, Newfoundland and Labrador Housing Corporation has worked closely to establish partnerships with municipalities, the real estate industry, the legal community, financial institutions, as well as the private and non-profit sectors, to further improve housing affordability through this initiative.
“We are pleased that the Provincial Government recognizes the importance of homeownership as a key piece of building financial independence for Newfoundlanders and Labradorians, and we are excited about the new Downpayment Assistance Program. Purchasing a home is a solid investment, and this program will certainly help people who are struggling to reach their dreams of homeownership.”
– Bill Stirling, Chief Executive Officer, Newfoundland and Labrador Association of Realtors
Successful applicants will have five years after the purchase of a home before loan repayment begins. The pilot program can assist approximately 100-125 applicants annually. DAP applications are available at all Newfoundland and Labrador Housing Corporation regional offices and on NLHC’s website. For more information, visit: http://www.nlhc.nl.ca/programs/programsDap.html
QUICK FACTS
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Media contacts:
Heather MacLean
Director of Communications
Office of the Premier
709-729-3581
heathermaclean@gov.nl.ca
Donna Ivey
Special Assistant, Communications
Office of the Premier
709-729-3551
donnaivey@gov.nl.ca
Heather May
Director of Communications
Department of Seniors, Wellness and Social Development
709-729-0928, 697-5061
heathermay@gov.nl.ca
Jenny Bowring
Communications Manager
Newfoundland and Labrador Housing Corporation
709-724-3055
jmbowring@nlhc.nl.ca
Bill Stirling,
Chief Executive Officer, Newfoundland and Labrador Association of REALTORS®
709-726-3002, 743-1566
bstirling@nlar.ca
Backgrounder
Sliding Scale of Assistance
| Income Level | St. John’s and Labrador | Regional Centres | Rural Newfoundland |
| Maximum Loan Amount* | Maximum Loan Amount | Maximum Loan Amount | |
| <$65,000 | $12,500 | $10,000 | $8,750 |
| $66,000 | $12,000 | $9,500 | $8,250 |
| $67,000 | $11,500 | $9,000 | $7,750 |
| $68,000 | $11,000 | $8,500 | $7,250 |
| $69,000 | $10,500 | $8,000 | $6,750 |
| $70,000 | $10,000 | $7,500 | $6,250 |
| $71,000 | $9,500 | $7,000 | $5,750 |
| $72,000 | $9,000 | $6,500 | $5,250 |
| $73,000 | $8,500 | $6,000 | $4,750 |
| $74,000 | $8,000 | $5,500 | $4,250 |
| $75,000 | $7,500 | $5,000 | $3,750 |
| * maximum loan amounts are based on the maximum 5% loan available, subject to maximum purchase prices ($250,000 in St. John’s (Census Metropolitan area) and Labrador; $200,000 in the five regional centres of Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30-kilometre radius, and $175,000 in the rest of Newfoundland and Labrador. | |||
The Honourable Paul Davis, Premier of Newfoundland and Labrador, was in Labrador City this morning (Wednesday, October 21) to provide an update on progress made on a three-year Newfoundland and Labrador Housing Corporation (NLHC) revitalization project that has so far seen $2.2 million allocated to the Cavendish Crescent neighbourhood. Premier Davis was joined by Nick McGrath, MHA for Labrador West.
“The second phase of this three-year neighbourhood revitalization includes a $1 million investment that will see 18 additional homes receive interior and exterior renovations. This is in addition to the $1.2 million investment in phase one of the project, which was announced in April and is now almost completed. The modernization and improvement work undertaken in Labrador West, and throughout the province, has made a visible difference to social housing properties and helped to create stronger, healthier neighbourhoods in which people are proud to live.”
– The Honourable Paul Davis, Premier of Newfoundland and Labrador
The contract for phase two of the project was recently awarded to E.J.B. Contracting Ltd. The contract for the third phase is scheduled to be awarded in fiscal year 2016-17. When completed, a total of 56 homes in the Cavendish Crescent neighbourhood will have been renovated.
“Providing safe, comfortable homes for individuals and families in greatest need is an important first step toward social and economic stability. It gives people the opportunity to focus on building a better life for themselves and their families.”
– The Honourable Clyde Jackman, Minister Responsible for Newfoundland and Labrador Housing Corporation
The renovation work includes complete exterior building renovations, including siding, window, door and roofing replacement, as well as some interior upgrades, such as electrical, plumbing and new heat recovery ventilation systems for all units. The anticipated completion date for phase two of the project is early in the new year.
“It is great to see such a significant investment in the Cavendish Crescent neighbourhood. Our government has committed to improving the lives of all Newfoundlanders and Labradorians, and these upgrades are certainly making a difference in the lives of individuals and families in Labrador City.”
– Nick McGrath, MHA for Labrador West
Since 2007, close to 77 per cent of Newfoundland and Labrador Housing Corporation units throughout the province have received upgrades.
“We are pleased with the pace of renovations and upgrades to Newfoundland and Labrador Housing properties completed, and underway, throughout the province. Such improvements contribute to the social well-being of neighbourhoods, while ensuring our housing developments continue to be viable in the long term.”
– John Ottenheimer, Chair and Chief Executive Officer, Newfoundland and Labrador Housing Corporation
NLHC is the province’s largest landlord, with 5,584 affordable rental units province-wide. Newfoundland and Labrador Housing Corporation owns and maintains 250 social housing residences throughout the Labrador region.
For more information on NLHC programs and services, visit: https://www.nlhc.nl.ca/housing-programs/ .
QUICK FACTS
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Media contacts:
Heather MacLean
Director of Communications
Office of the Premier
709-729-3581
heathermaclean@gov.nl.ca
Donna Ivey
Special Assistant, Communications
Office of the Premier
709-729-3551
donnaivey@gov.nl.ca
Heather May
Director of Communications
Department of Seniors, Wellness and
Social Development
709-729-0928, 697-5061
heathermay@gov.nl.ca
Linda J. Walsh
Communications Manager
Government Members Office
709-729-0898, 691-2960
lindajwalsh@gov.nl.ca
Jenny Bowring
Manager, Communications
Newfoundland and Labrador Housing Corporation
709-724-3055
jmbowring@nlhc.nl.ca
Can-Am Platforms and Construction Ltd. have been awarded a $300,000 contract for interior and exterior retrofit of four social housing properties on Goodview Street, St. John’s.
“Providing quality affordable housing is key to building resilient and healthy communities and contributes to the development of stronger local economies. The Provincial Government remains firmly committed to supporting Newfoundland and Labrador Housing Corporation’s mission to improving the housing circumstances of those most in need in our society and we will continue to deliver programs and services which modernize buildings and support our tenants.”
– The Honourable Clyde Jackman, Minister Responsible for the Newfoundland and Labrador Housing Corporation
The work will include siding, window, door and roof replacements, new attic insulation and foundation repair. Interior renovations will include electrical upgrades, new bathroom fans, kitchen range hoods and installation of heat recovery ventilation (HRV) systems. The properties will also receive various site improvements including new driveways. The anticipated completion date for this work is February 2016.
“This work is part of our commitment as a social housing provider, as it helps ensure the longevity of the units and directly enhances quality of life for tenants by making their homes more comfortable.”
– John Ottenheimer, Chair and Chief Executive Officer, Newfoundland and Labrador Housing Corporation
Since 2007, close to 77 per cent of Newfoundland and Labrador Housing Corporation units province-wide have received upgrades. For more information on NLHC programs and services, see: https://www.nlhc.nl.ca/housing-programs/ .
QUICK FACTS:
– 30 –
Media contacts:
Heather May
Director of Communications
Department of Seniors, Wellness and Social Development
709-729-0928, 697-5061
heathermay@gov.nl.ca
Jenny Bowring
Communications Manager
Newfoundland and Labrador Housing Corporation
709-724-3055
jmbowring@nlhc.nl.ca
Work is expected to begin in September on major exterior renovations to the 15-unit Cochrane Manor seniors apartment building in St. John’s. Newfoundland and Labrador Housing Corporation (NLHC) recently awarded the tender, valued at $469,000 to Newfound Roofing Ltd.
“The current renovation investment will ensure the continued availability and comfort of this historic St. John’s property. Once a hotel, Cochrane Manor now provides safe, accessible and affordable homes for seniors in greatest need. ”
– The Honourable Clyde Jackman, Minister Responsible for the Newfoundland and Labrador Housing Corporation
The work will include roofing, siding, windows and exterior door replacements along with ventilation and electrical system upgrades. The property will also receive various site improvements, including a new wheelchair ramp at the rear entrance. The anticipated completion date for the project is April 2016.
“We recognize providing quality housing at affordable rates can contribute significantly to a person’s overall well-being. Projects such as this enable seniors to continue living independent, active lives in their own communities where they have the support of family and friends.”
– John Ottenheimer, Chair and Chief Executive Officer, Newfoundland and Labrador Housing Corporation
Budget 2015 provides $10 million to NLHC to upgrade 450 social housing units throughout the province.
“Investment in seniors’ housing is a positive step toward meeting the needs of our aging population. The Provincial Advisory Council on Aging and Seniors fully supports the Provincial Government and Newfoundland and Labrador Housing Corporation in developing policies and programs which directly benefit seniors in this province.”
– Leo Bonnell, Chair, Provincial Advisory Council on Aging and Seniors
Since 2007, close to 77 per cent of Newfoundland and Labrador Housing Corporation units province-wide have received upgrades. For more information on NLHC programs and services, see: www.nlhc.nl.ca/programs/programs.html
QUICK FACTS:
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Media contacts:
| Heather May Director of Communications Department of Seniors, Wellness and Social Development 709-729-0928 heathermay@gov.nl.ca |
Jenny Bowring Communications Manager Newfoundland and Labrador Housing Corporation 709-724-3055 jmbowring@nlhc.nl.ca |