Home Ownership Assistance Program

Who is Eligible?

Program criteria to qualify:

• Applicant must be at least 18 years old
• Applicant cannot currently own a home or a residential property (in whole or in part, including a recreation or cottage property). Also cannot be living in a spousal relationship (including same-sex spousal relationship) with a person who owns, in whole or in part, a residential property, including recreation or cottage property.
• Total household liquid assets cannot exceed $100,000
• Maximum house price is $500,000
• Maximum income limits are $95,000 for a single person and $115,000 for a family
• Applicant must be a renter in London or Middlesex County
• Applicant must agree not to lease the home or individual rooms in the home and must agree to occupy the home for the duration of the AHP loan agreement
• Applicant must be eligible to obtain a mortgage at a recognized financial institution and demonstrate sustainability
• Applicant must be able to pay all closing costs
• All homes must have a home inspection
• Sign loan agreement 

In addition to the program eligibility requirements, the terms of the loan include provisions to support the ongoing sustainability of the funds and the discharge terms, including:

• A declaration will be provided for the applicant to review and sign, confirming their understanding of the repayment terms for the capital gains portion of the agreement.
• If the applicant decides to sell the home or if in default, the principal and 5% capital gains (if applicable) must be repaid.
• If the home is resold at a greater price than the original purchase price, the purchaser must pay 5% of the capital gains.
• On the 20^th anniversary, the loan is automatically forgiven if no event of default has taken place.