Released on November 22, 2013
The community of Watrous is celebrating the opening of Manitou Lodge Condominiums, a new 24-unit project. The Government of Saskatchewan provided $2.6 million in financing assistance to the developer, Riverwood Development Corporation, through the HeadStart on a Home (HeadStart) program.
“As part of the Saskatchewan Plan for Growth, this project is one of many undertaken to build a better province for Saskatchewan people,” Arm River - Watrous MLA Greg Brkich said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. “HeadStart is helping municipalities and their partner developers create new homeownership opportunities for moderate-income households by increasing housing supply within the price range of families and individuals currently renting. Our government is proud to work with Riverwood Development Corporation and Westcap Mgt. Ltd. to help create new entry level housing and help households achieve homeownership.”
“A growing economy needs workers,” Westcap Mgt. Ltd. President and CEO Grant Kook said. “To attract people to Saskatchewan, we need to build solid communities for them to live and raise their families in, and help them put a roof over their heads. HeadStart is addressing the increasing need for entry-level homes in Saskatchewan, and has 912 homes either completed or currently under construction. Partnerships are essential to the success of programs like HeadStart, so we continue to work closely with our Credit Union partners, including this 24-unit project in collaboration with the Town of Watrous.”
Manitou Lodge Condominiums, located at 404 1st Street East in Watrous, consists of single-storey condominiums with one parking stall, deep enough for two vehicles, for each unit. The project offers one- and two-bedroom homes ranging from 816 to 1,160 square feet (75.8 to 107.8 square metres). The purchase price ranges from $162,750 to $231,315. All units include laminate flooring, laminate countertops and five appliances.
HeadStart was announced in March 2011 to finance construction of entry-level homes in Saskatchewan. Builders and developers are eligible for construction loans of 90 per cent on the construction cost of the homes including land, at an interest rate of four per cent.
With more than three years to go, the province has already committed to funding of $193 million for 1,159 units under the HeadStart program. Nine hundred and twelve entry-level homes are either completed or under construction, and as these units sell, dollars are returned to the revolving fund to construct more units.
Municipalities may apply for the loans on behalf of builders and developers. The fund started with $200 million in financing for the program through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. (Westcap). SIIF is a subsidiary of Crown Investments Corporation.
The target sale price for homes constructed through HeadStart is at or below the MLS average sale price in each community. The homes may include condominiums, multi-unit dwellings, single family dwellings, modular homes or ready-to-move units.
Westcap is partnering with Saskatchewan credit unions (Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy and Weyburn) to offer HeadStart Equity Builder ProgramTM down payment loans for purchasers of HeadStart homes and to ensure communities across Saskatchewan have every opportunity to be a part of this housing program. Builders who are interested in meeting their community’s housing needs may contact Westcap directly.
For more information about Headstart on a Home, visit the website at www.headstartonahome.ca.
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For more information, contact:
Linda Saliken
Social Services
Regina
Phone: 306-787-0246
Grant Kook
Westcap Mgt. Ltd.
Saskatoon
Phone: 306-652-5557