Released on June 24, 2014
A total of 96 homes are being created to support homeownership for moderate-income households in Saskatoon. The Government of Saskatchewan provided approximately $7.8 million in financing assistance to the developer, NorthRidge Developments Ltd., for the Serenity Pointe III project and $8.8 million to construct Serenity Pointe IV through the HeadStart on a Home program.“As we move forward with the Saskatchewan Plan for Growth and provincial housing strategy, HeadStart on a Home is designed to foster partnerships and stimulate the development of entry-level homeownership supply,” Education Minister Don Morgan said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “Our goal is to make Saskatchewan the best place to live, work and raise a family, and HeadStart on a Home is another way to help people wishing to transition from the rental market.”
“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 on a Home is addressing the increasing need for entry-level homes in Saskatchewan, and has 1,218 homes either completed or currently under construction. Partnerships are essential to the success of programs like HeadStart on a Home, so we continue to work closely with our Credit Union partners, including on these 45-unit and 51-unit projects in collaboration with the City of Saskatoon.”
Located at 102 Willis Crescent, the Serenity Pointe III project consists of a total of 45 one-bedroom and two-bedroom apartment-style condominiums ranging in size from 626 to 970 square feet or 58.16 to 90.12 square metres. Construction financing for thirty-six of the units has been provided by HeadStart on a Home. The purchase price of the units ranges from $182,000 to $282,900.
Serenity Pointe IV, which is currently under construction at 108 Willis Crescent, will consist of 51 one-bedroom and two-bedroom apartment-style units ranging in size from 626 to 970 square feet or 58.16 to 90.12 square metres. Construction financing for 40 of the units, which are expected to be ready for occupancy in winter 2015, has been provided by HeadStart on a Home. The purchase price of the units ranges from $182,000 to $282,900.
Both projects include parking, central air conditioning, heated floors, six appliances, and laminate flooring. Each unit is covered by new home warranty protection.
HeadStart on a Home was announced in March 2011 to finance construction of at least 1,000 new, entry-level homes over five years. This target has been increased to 1,500. 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.
Municipalities apply for the loans in partnership with builders and developers. Funding for the progam is available through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc., a subsidiary of Crown Investments Corporation. Headstart on a Home is managed by Westcap Mgt. Ltd. (Westcap).
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 Equity BuilderTM downpayment loans for purchasers at prime 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
Ministry of
Regina
Phone: 306-787-0246
Grant Kook
Westcap Mgt. Ltd.
Saskatoon
Phone: 306-652-5557