HOA’s success and the extent of its 2nd mortgage support of low income families are further enhanced by HOA’s partnership work with all levels of government. In the more recent projects these partnerships have resulted in far greater support concentrated on families who meet specified low income thresholds. To date, HOA has successfully partnered with federal, provincial and municipal governments. HOA has entered into agreements with the cities of Toronto, Markham and Guelph in Ontario, Canada, to provide additional support through the deferral of city development charges. HOA has been appointed as a delivery agent for the City of Toronto to deliver affordable ownership housing under the Canada-Ontario Affordable Housing Program.
HOA’s advocacy sometimes also has a useful practical side. Based on our experiences in the earlier “pilot” programs with governments, HOA has been successful at explaining to governments the merits of “one mortgage, one approval” when serving low and moderate income purchasers, who often are understandably nervous when taking the big step to homeownership.
Federal involvement
Home Ownership Alternatives and its development partners have discussed directly with the Canada Mortgage and Housing Corporation (“CMHC”) waivers or deferrals of CMHC insurance fees for affordable housing projects. HOA and its partners also access CMHC project initiation grants and insurance of construction financing of affordable housing projects.
Provincial involvement
As part of the federal/provincial Affordable Housing Program $2.3 million was provided to support 90 first time purchasers with down payment assistance at three HOA projects. This assistance, coupled with 2nd mortgages and municipal deferrals, provided these families with incomes averaging under $45,000 per year the opportunity to enter the expensive Toronto GTA housing market for the first time. Including these purchasers, over 400 homeowners who were previously renters purchased homes under the HOA program, helping to free up rental units for other families.
HOA is also engaged with the Province’s Affordable Housing Strategy with a desire to improve the ability of low and moderate income Ontarians to be able to own their home.
Municipal involvement
HOA has worked with several municipalities to realize the mutual goal of providing affordable housing to their citizens, particularly for “Key Workers” such as teachers, transit workers and lab technicians, whose moderate salaries often are not sufficient for them to buy a home where they work. Toronto, Markham and Guelph have all provided support for projects within their communities.
