Released on October 8, 2014
Two Regina condominium developments, totalling 29 entry-level homes, are receiving over $6.5 million in financing from the Government of Saskatchewan through the HeadStart on a Home program. HeadStart on a Home financed $2.8 million for Trinity Lane Village and $3.7 million for Apple Grove Estates Phase II. Both projects are being developed by Reimer Custom Homes and Commercial Inc.“These two HeadStart on a Home developments will provide more options for Regina families in need of entry-level housing,” Regina Walsh Acres MLA Warren Steinley said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “HeadStart on a Home fosters partnerships and collaboration with the private sector to create entry-level homes in Saskatchewan and, most importantly, helps families achieve their dream of homeownership. This program supports the Saskatchewan Plan for Growth, which aims to make Saskatchewan the best place to live, work and raise a family.”
“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 1,329 homes either completed or currently under construction , including these 13 and 16 unit projects in collaboration with the City of Regina.”
Located at 4801 Trinity Lane, Trinity Lane Village consists of 1,270 square feet (117.99 square metres), two-storey townhouses with two or three bedrooms. The purchase price of the units range from $292,985 to $326,009.
Apple Grove Estates Phase II, located at 4398 Schaffer Street, consists of 864 square feet (80.268 square metres), bungalow style units with one or two bedrooms and the option to have an additional bedroom in the basement. The purchase price of these units range from $273,377 to $299,177. All units are covered with new home warranty protection.
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 September 2014, HeadStart on a Home has financed 1,329 new housing units that are either complete or under construction, in three years. An additional 365 units have been approved for financing by HeadStart on a Home, but are not yet under construction.
Municipalities may apply for the loans on behalf of builders and developers. There is $200 million in financing 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