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City launches down payment assistance program to help renters buy their first home

HAMILTON, ON – As part of the province’s Investment in Affordable Housing for Ontario (IAH) program, the City is once again launching the Down Payment Assistance Program (DPAP) to make home buying easier for eligible Hamilton renters.

As part of the IAH, the DPAP provides down payment assistance to low to moderate-income residents currently meeting their rent costs, but finding it challenging to raise the down payment necessary to purchase a home. Previously, nearly 200 households in Hamilton have received help to buy their first home, freeing up much needed rental space in the city. Assistance is in the form of a 20-year forgivable loan equal to 10 per cent of the home’s purchase price, giving lower income households the ability to manage additional household costs. If the house is sold after the 20 year period, there would be no required repayment.

Applications for the program will be available starting May 3, 2018 and accepted on a first-come-first-served basis. For more information, interested participants should attend one of the following information sessions:  

Session 1: Thursday May 3, 2018 at 1 to 2:30 pm
The McMaster University Centre for Continuing Education
1 James North, 2nd floor, room 204

Session 2: Thursday May 3, 2018 at 6 to 7:30 pm
The McMaster University Centre for Continuing Education
1 James North, 2nd floor, room 204

For eligibility requirements, to download the application or to register for an information session, please visit: www.hamilton.ca/downpaymentassistance or contact the Housing Administration Clerk at 905-546-2424 ext.1554 on or before April 26, 2018.