Jenny, a single mother with three children, earns $34,000 a year. At that level of income she is not entitled to social housing and was spending almost $14,000 a year on housing expenses. She desperately wanted the chance to own her home where her children could grow up with stability.
Jenny was a prime candidate for assistance from the June Callwood Fund. She selected a $177,000 2-bedroom condominium apartment at our Pentland development. Jenny could only afford a $5,000 down payment. HOA gave her $13,000 in usual down payment help, $25,500 from the Canada Ontario Affordable Housing Program, and $26,500 from the June Callwood Fund.
The $65,000 in down payment help lowered Jenny’s first mortgage from $172,000 to $107,000. With HOA’s help, Jenny’s carrying costs are $1,170 per month. This amount represents Jenny’s total housing expenses including utilities, maintenance fees and taxes. It is less than the rent she used to pay.
Beyond helping Jenny lower her living expenses, the June Callwood Fund has helped ensure that Jenny’s children will enjoy the stability, pride and self confidence that homeownership offers. Even better, 20 years from now, Jenny will own her home free and clear.
