How the Program Works

Down Payment Assistance: Buyers can receive a 10% interest-free loan of up to $66,774.80 to help with their down payment.

• Down Payment Assistance: Buyers can receive a 10% interest-free loan of up to $66,774.80 to help with their down payment.
• Encouraging Affordable Housing:The program promotes the development of affordable housing options across Niagara.
• Reduced Rental Demand: By supporting renters in homeownership, the program helps free up rental units in the region.

Eligibility for Buyers

To qualify for the down payment loan, applicants must:

• Be a Canadian citizen, landed immigrant, or refugee claimant with no outstanding removal order.
• Be a current resident of Niagara.
• Be 18 years or older.
• Be a first-time homebuyer or part of a renter household (room-and-board or living with family does not qualify).
• Have a gross household income below $95,000 for a single person and below $113,000 for multi-person households.
• Have personal assets below $50,000, including RRSPs and any financial gifts.
• Qualify for a mortgage from a recognized financial institution and provide proof.
• Provide a fully executed Agreement of Purchase and Sale within 60 days of receiving the Conditional Letter of Commitment.
• Cover all additional costs associated with finalizing the purchase and provide proof of ability to do so.

Eligibility for Homes

• The home must be located in Niagara.
• A home inspection is required for resale homes and encouraged for new homes.
• The maximum purchase price is $667,748 (subject to updates from the Ministry of Municipal Affairs and Housing).
• Eligible home types include detached, semi-detached, row, townhouse, duplex, or condominium.
• The home must be modest in size and features.
• The buyer and their family members cannot have an ownership interest in the home.
• Mobile homes and multi-residential properties (triplexes or larger) are not eligible.

Step-by-Step Application Process

Step 1: Get Pre-Approved for a Mortgage

• Contact a mortgage broker, trust company, credit union, bank, or another qualified lender for a no-cost mortgage pre-approval.
• Applicants requiring a co-signer or guarantor are not eligible.

Step 2: Submit an Application

Ensure all required documents are included, such as:

• Proof of Canadian status (birth certificate, citizenship document, permanent resident card, etc.).
• Proof of age for all household members.
• Photo ID for the main applicant(s).
• Bank verification form confirming income and assets, signed by a financial institution.
• Employment verification or the last eight weeks of pay statements.
• Most recent Notice of Assessment from Revenue Canada.
• Mortgage pre-approval confirmation.
• Current lease or rent receipts, including landlord contact information.
• If applicable, repayment plan for arrears owed to a Housing Provider.

Incomplete applications will be returned.

Step 3: Get Final Approval

• Applications are reviewed on a first-come, first-served basis.
• Once funding is exhausted, remaining eligible applicants are placed on a waiting list and notified accordingly.
• A mortgage/charge will be registered on title in second position for 20 years by Housing Services.

Repayment Conditions

The original loan plus 10% of the increased home value must be repaid if the homeowner:

• Selling the home before 20 years.
• No longer lives in the home.
• Refinances for an amount greater than the original mortgage.
• Voluntarily repays the loan.
• Defaults on the mortgage or Housing Services loan agreement.

Get Started Today!

For more information or to request an application, you can visit the Niagara Region Website, or you can contact any one of our 5-star Portfolio Realty Group agents.

Take the first step toward homeownership in Niagara today!