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Buying your first home? City-run program helps with down payment

Low- to middle-income earners eligible for up to $29K
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People with a combined household income of $93,800 or less can apply for the down payment needed to purchase a home through the Ontario Priorities Housing Initiative (OPHI) Homeownership Program. (via Shutterstock)

A federal and provincial program being administered by Greater Sudbury could help residents buy their first home.

People with a combined household income of $93,800 or less can apply for the down payment needed to purchase a home through the Ontario Priorities Housing Initiative (OPHI) Homeownership Program.

Eligible applicants can receive an interest-free, 20-year forgivable loan up to a maximum of $29,000. The loan may be used for a 10-per-cent down payment on a detached, semi-detached or townhouse unit with a maximum value of $297,383.

Applicants must be current renters in Greater Sudbury and must not own or partly own another home or property. The funding agreement requires successful applicants to maintain the home as their principal residence for a minimum of 20 years to avoid repayment of the loan.

Funding is limited. Applications will be accepted on a first come, first served, basis until Sept. 30, or until funds are fully committed.

More information about the Homeownership Program is available at GreaterSudbury.ca/Homeownership or by calling 705-674-4455, extension 4229.




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