From a release:
Will work with Credit Union Atlantic to expand Small
Business Loan Guarantee for first-time homebuyers
HALIFAX: Nova Scotians aspiring to buy their own home will see real relief when a re-elected Nova Scotia PC Government expands the province’s Small Business Loan Guarantee so that it also applies to first-time homebuyers.
“Down payments are one of the biggest barriers to home ownership for young families already struggling to pay the bills or make rent,” said Tim Houston.
“By expanding this program, we’re going to reduce the minimum required down payment for first-time homebuyers and the result will be more young families finally being able to pick up the keys to a new home of their own.”
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A re-elected PC Government will enter into a new agreement with the Credit Union to expand this program to first-time home buyers purchasing a home up to $500,000 in value.
Whereas today these prospective homebuyers must provide a 5% down payment, they would only have to pay a 2% down payment under the PC Plan.
The Credit Union would assess the applicants to ensure their income is satisfactory to support the mortgage they want, and the provincial government would provide a loan guarantee to the Credit Union for any deficiencies in the event of a default.
“The small business loan guarantee program has been incredibly successful,” said Dianne Kelderman, President & CEO N.S. Cooperative Council. “We’re thrilled to see this new first-time home buyers stream come to fruition.
“It will make a huge difference in the lives of so many across all regions of Nova Scotia.”
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Houston said he got into politics to solve problems.
“While Canada’s housing crisis started outside of our province’s borders, our government is using every tool at our disposal to protect Nova Scotians today,” said Houston.
Since coming to office, the Houston PC Government has streamlined rules, opened up lands, and made targeted investments to build new homes across the province.
These initiatives are already paying dividends, including:
Creating the conditions for 41,200 units in 5 years. With more than half (26,519) of these units already accounted for in year one.
Creating the conditions to support 17,250 more affordable units, with 10,412 already completed.
Freezing development fees in HRM.
Cutting the provincial portion of the HST for new rentals.
Establishing the Secondary and Backyard Suite Incentive Program, which helps homeowners create supportive housing for family and affordable rentals on their properties.
Introducing new regulations for short-term rentals that will make more long-term housing available.
Assisting 290 first-time homebuyers through the Down Payment Assistance Program.
Enabling the creation of 2,073 affordable and supportive housing units.
“We’re going to put the dream of owning a home back within reach of more Nova Scotians,” concluded Houston. “Let’s build more homes and let’s make them more affordable.”
