Are you keen to get into a home of your own but don’t have a down payment saved up? This program might be right for you! Available for low income renters in Frontenac county, here are all the details!

1. Household eligibility criteria: 

• At least one member must be 18 years old .
• The household must currently live within the City of Kingston or Frontenac County. The household must be living in a rental unit that will be re-rented or be a first-time buyer within the City of Kingston or Frontenac County.
• The household cannot own property.
• The total gross income for a one-person household is $95,000. A one-person household is a household with one income earner who would be the sole property owner (exclusive of dependent household members).
• The total gross income for a two-person household is $130,000. A two-person household is a household with two income earners who contribute to the finances of the household (exclusive of dependents household members).
• Previous program homebuyers are ineligible.
• The household must buy their principal residence.
• The combined assets must not exceed $50,000. Assets include recreational vehicles, non-registered investments and cash held in bank accounts. Registered assets (i.e. RRSP, RESP, RIF, RDSP) are exempt. TFSA and FHSA accounts are included in the asset calculation.
• Household members must be Canadian citizens or permanent residents.
• The application must include a pre-approved mortgage from a lending institution. Eligible lenders include banks, credit unions, and mortgage investment corporations. Loans with unregulated or private lenders are ineligible.
• Applications with mortgage pre-approval supported by a co-signer or guarantor are not eligible.

2. Eligible home purchases: 

• The home must be in Kingston or Frontenac County.
• It can be new or resale but not cost more than $500,000.
• The home must be a single residential unit and can include detached, semi-detached, townhouses, and condominiums.
• Mobile homes are not eligible.
• Multi-residential properties are not eligible.
• Applicants who have made an offer on a property prior to application approval are ineligible.
• The program may not be combined with the Kingston-Frontenac Renovates Program.

3. Application and Selection:

• Submit a complete application with required documents.
• Eligible applications are reviewed in the order they are received.
• Approved applicants get a letter of conditional approval.
• They have 90 days to provide a purchase agreement; the closing date of the purchase may be beyond the 90 day date.
• Buyers must sign a loan agreement, and the funds go to the solicitor in advance of the closing date.
• The agreement will be registered on title of the property at the home owner’s expense on the closing date.
• If you cannot provide a completed Agreement of Purchase and Sale within 90 days, the funding commitment is withdrawn.
• Applications continue until all funding is distributed.

4. Terms and conditions of funding:

• Funding is for home down payments only.
• It cannot be used for construction or other purposes.
• Applicants must provide a purchase agreement within 90 days of approval.
• The funding goes to the buyer's solicitor in advance of the closing date.
• The maximum funding is 10 per cent of the home's purchase price, up to $45,000.
• It is a 20-year interest-free forgivable loan registered on the property's title.
• The buyer covers all purchase costs.
• All resale homes must have an inspection, and buyers need to show the inspection report.
• The funding is forgiven on the 20th anniversary or if certain conditions are met.
• If the property is sold during the 20-year term, or the property is no longer the principal residence of the household, the loan plus 10% of any capital appreciation is to be repaid to the City of Kingston.
• All adult household members must provide certain documents and meet income and asset criteria.

If you think you meet these criteria and want more information please visit the City of Kingston website:
https://www.cityofkingston.ca/community-supports/housing-and homelessness/affordable-housing-programs/