Released on August 27, 2014
The construction of Clark Place, consisting of 24 new townhouse style condominiums for entry level homebuyers, is officially underway in Kindersley. The Government of Saskatchewan provided $6.4 million in financing assistance to the developer, Excelsior Quality Builders, through the HeadStart on a Home program.“Creating homeownership opportunities for moderate-income individuals and families is one of our Government’s key priorities under the Saskatchewan Plan for Growth,” Economy Minister and Kindersley MLA Bill Boyd said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “Together with our partners, we are proud that HeadStart on a Home projects have been delivered in 15 communities around the province, and that Kindersley is the latest community to take advantage of the program. Most importantly, we are helping 24 Saskatchewan families find safe, quality and affordable homes to call their own.”
“HeadStart on a Home is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province,” Westcap Mgt. Ltd. President and CEO Grant Kook said. “As the Fund Manager of HeadStart on a Home, working closely with our Credit Union partners, we are very pleased to report that HeadStart on a Home has 1,294_homes either completed or currently under construction, including this 24-unit project in collaboration with the Town of Kindersley.”
Located in the Brookhollow Estates neighbourhood in Kindersely, the project consists of 24 two-storey units with two or three bedrooms. Each unit consists of 1,294 square feet (120 square metres) of living space and includes a six-piece appliance package, a single car garage and a fenced back yard with a patio. The purchase price of the units is $336,000. Each unit is also covered with new home warranty protection. The first units of this project are expected to be ready for occupancy in December 2014.
HeadStart on a Home is expected to finance 1,500 new entry-level homes in five years. Announced in March 2011, the program was originally expected to create 1,000 new housing units in five years. To the end of July 2014, HeadStart on a Home has financed 1,294 new housing units – either completed or under construction – in three years. An additional 390 units have been approved for financing, but are not yet under construction.
Municipalities may apply for the loans on behalf of builders and developers. There is $200 million in funding available 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 on a Home 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 on a Home downpayment loans for purchasers 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