The City of Toronto joined Options for Homes and residents today to officially open Cranbrooke Village, which provides 341 new affordable ownership homes. Of those, 94 were made more deeply affordable through a $1.42-million investment from the City of Toronto's Home Ownership Assistance Program (HOAP).
Cranbrooke Village is located at 35 Saranac Blvd. in Ward 15 Eglinton-Lawrence, which is represented by Councillor Josh Colle.
"Creating affordable ownership homes is a key part of Toronto's housing strategy," said Councillor Ana Bailão (Ward 18 Davenport), the City's Housing Advocate and Chair of the Affordable Housing Committee. "On behalf of Councillor Josh Colle and City Council, it is a pleasure to support committed partners like Options for Homes, in order to make home ownership a greater possibility for lower-income people."
HOAP delivers funding to non-profit housing providers to reduce their upfront costs of building new affordable ownership homes. The funds, distributed through a request for proposals process, help pay the cost of City development charges, building permits and planning fees.
“It is a great source of pride that we have been able to generate $11.82 million on this site to help our purchasers and future purchasers in perpetuity own their homes," said Options President and CEO Mike Labbe. "The fact that we received an additional $1.42 million from Toronto and $584,000 from Home Ownership Alternatives is all the more gratifying.”
Options, with sister organization Home Ownership Alternatives, brings home ownership within reach of low- to moderate-income households by providing down-payment loans. No loan repayments are made until the owner sells or rents their home, at which point the loan appreciates by the same percentage as the value of the home. The repaid loans provide other individuals and families with the opportunity to own their own home.
Government funding is essential if low- and moderate-income rental households are to succeed in owning their own home, according to Making Homeownership Happen – Success through Partnerships, a first-of-its-kind survey conducted by the City.