Anyone planning to buy their own home in Stettler and feel strapped for funds now have a new option for funding available for up to $35,00 for a down payment under a new home ownership grant.
Attainable housing has arrived in Stettler, the first project of its kind in Alberta, to offer qualified home buyers with a non-refundable grant under a local community foundation led by the Kinsmen Club of Stettler and the Kinette Club of Stettler.
“The exciting thing about this program is that it is a win for the community of Stettler on so many levels,” said Kinsmen president Kirk Blake.
“It is truly a community-based program.”
“A significant portion of the grant money is even invested directly back into the community through our organization,” said Blake.
“But of course, the best part is that someone who otherwise might not be able to buy a home like this, can do so because of this program”
No public money is used to fund this project, with funds provided by the developer, builder and realtor and the project is carried out in coordination with the Town of Stettler and the local Kinsmen and Kinettes organizations.
Located in the Meadowlands community of Meadowlands in the Park, 10 homes are being initially being built with potential for many more.
Houses under this local project are about 1,400 square feet with double-attached garages and sell for a price ranging from $330,000 to 350,000.
“It’s pretty exciting for people who don’t have a home,’ Town of Stettler Mayor Dick Richards said when Milestone Developments presented the proposal to town council in December.
“The whole community benefit,” said Geoff Best, a Milestone team leader.
“Once the grant is approved, there are no strings attached.”
“This is attainable housing, not just for first-time buyers.”
“They would probably need an annual income of around $60,000.”
This would be the first attainable housing program in Alberta, the project would help people buy a home, strengthen the local economy and the tax base in the Town of Stettler, said Best.
Once a grant is approved, construction begins.
Attainable housing has caused a boom in British Columbia with applications overwhelming the proposed project, said Best.
Anyone wishing to find out more information about this program or to apply for a grantshould visit the Stettler Kinsmen and Kinettes website at www.stettlerkin.ca .