The increase in housing prices over the years isn’t making it easy for Calgarians to purchase their dream home. The cost of rent and the day to expenses doesn’t leave much room for saving money for that hefty down payment.
Saving 5% or more for a down payment is the number one obstacle homebuyers face when looking to purchase, but there are options for those who don’t have enough money to put down. The Attainable Homes Calgary Corporation was implemented to help buyers with the initial down payment so they can invest their money and have a sense of ownership.
AHCC is a non-profit organization owned by the City of Calgary and it works to provide well-appointed, entry-level homes in order to help bridge the city’s growing affordability gap. The Attainable Home Ownership Program connects builders, developers, lenders and lawyers to bring down the upfront costs of buying a home. The program was initially created to help more Calgarians
move from rentals, to ownership.
So how does it work? The buyer contributes a $2,000 deposit and receives an equity loan to go towards the purchase price of the home. When you eventually decide to sell your home, you share a portion of the appreciation with AHCC, which is reinvested in the program to help more Calgarians purchase an affordable home. The longer you live in your home, the more of its appreciation you keep, up to a maximum of 75%. Pretty fantastic deal isn’t it?
In order to qualify to buy an Attainable Home, your annual household cannot exceed $90,000 if you have kids at home, and for those without kids, it’s a maximum of $80,000. Your assets must be less than 20% of the purchase price, with a maximum of $50,000. The home must also be your sole permanent residence.
Once you have been accepted as a client, you can choose from a variety of homes across the city. AHCC provides beautiful, spacious homes with modern appliances in great locations, such as those homes provided by Avalon Master Builder. Avalon works with AHCC by providing them with homes to implement into their programs and offer more affordable options for Calgarians. AHCC also offers condos and townhomes below market prices.
Through the program, Attainable Homes is able to deliver a variety of home ownership opportunities to Calgarians who never thought owning a home was an option for them.