Sudbury offering up to $29,000 in home buying assistance to renters

The City of Greater Sudbury wants to free up space in the affordable rental housing market by turning some renters into owners. 

A new home ownership program funded by the federal and provincial governments will provide up to $29,000 in down payment assistance to applicants, provided they meet certain criteria. 

The large demand for rental housing in Sudbury has created a scarcity in available units, said Sudbury's manager of housing services, Cindi Briscoe. Low to moderate income individuals are particularly affected. 

"It just allows folks to move through the housing continuum from rental housing to full home ownership," Briscoe said. 

The program will also help successful applicants build a stable financial future.

"It allows them to start building equity. So potentially, years down the road they could get themselves into a larger home," she said. 

The down payment assistance is 10 per cent of the purchase price and comes in the form of a forgivable loan.

If the applicant stays in the home for 20 years, repaying the loan is not required. Moving out or selling before the 20 year window would mean paying back the loan and up to 10 per cent of any increase in the home's value.

Who is eligible?

The house itself must be in Greater Sudbury and have a purchase price below $297,383. The applicant must be an adult, not a current home-owner, and their household income must be below $93,800. They also have to be eligible for a mortgage from an accredited financial institution. 

A more detailed list of criteria is available online. 

Applications will be taken on a first come, first served basis and funding is limited. Submissions will be accepted until Sept. 30.