Thursday, June 20, 2013
Bankrolls for Bungalows
Build Chilliwack helps make owning a new home a reality
Released by Scott Street, Summit Pacific Properties
partnership between Summit Pacific Properties and Chilliwack Community Services (CCS) entitled "Build Chilliwack" will help people who are not able to afford the down payment for a home, realize home ownership through the goodwill and generosity of the community.
The goal will be to provide a non-repayable grant of 5% - 10% down payment on the fair market value of the new home.
Build Chilliwack will provide the necessary funds for a down payment towards a CMHC insured mortgage to people who can appropriately qualify for the mortgage, but lack the actual down payment to realize home ownership.
The grant is meant to give people a hand up, not a hand out. It will create attainable housing for people via a mobilization of trades, related businesses, organizations, and recipients, creating a greater sense of community in Chilliwack through a rallying for betterment. The funds will be achieved by partnering with trades and related businesses who will contribute a portion of their bill to the grant.
"We believe there is a high degree of congruence between our organizational values," commented Scott Street, Business Manager for Summit Pacific Properties. Mr. Street noted that CCS had the visibility and credibility to help deliver the program as funds administrators and leadership of the selection process for this attainable housing.
What is "attainable housing"? It is not cheap housing, nor is it "affordable housing". It is an opportunity for people who are able to pay the cost of a mortgage, but just cannot come up with the lump sum for a down payment. It allows those who could not otherwise purchase a home, realize the dream of home ownership with some help from the community.
James Challman, Executive Director with CCS, is pleased with the concept and the integrity of Summit Pacific Properties in this project. "We believe that Summit is genuinely entering into this partnership with a philosophy of building community, not wealth."
The Build Chilliwack program will begin accepting applications June 25, 2013 with the closing date being 12:00 noon on August 6, 2013. Applications can be downloaded from the website www.buildchilliwack.com or picked up from the CCS office at 45938 Wellington Avenue.
Additional information can also be obtained by phoning CCS at (604) 792-4267 or by e-mailing here.
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