Since launching in 2009, the Attainable Homes Calgary Corporation (AHCC) has received over 6,000 registrations for its attainable home ownership program.
The AHCC home ownership program supports eligible households earning up to $80,000 annually by delivering quality entry-level homes at attainable prices as well as providing gifted down payments.
With Calgary experiencing a net migration of almost 20,000 people between April 2011 and 2012, demand for housing also saw a spike and the vacancy rate in the city decreased from 3.69 per cent to 2.82 per cent.
“Many people who register for our program have sufficient income to manage mortgage repayments, but haven’t been able to save the required down payment as a result of elevated monthly rent and the cost of living in Calgary,” said David Watson, AHCC president and CEO. “So far we’ve received 6,019 registrations via our website and 1,428 of those people have officially qualified for our program and are waiting for a home to purchase.”
To purchase an AHCC home, households are required to: have an annual income no greater than $80,000, total assets valued no greater than $100,000, must qualify for a mortgage, provide a minimum down payment of $2,000, be willing to participate in an education session and their new home will be their sole residence.