Representatives from RAHB, Threshold School of Building, City of Hamilton and Scotiabank proudly turned over another set of house keys to a new Home Ownership Affordability Partnership (HOAP) recipient family. The official key ceremony, which was commemorated by his worship mayor Fred Eisenberger, took place Tuesday, October 30, 2007.
“Project number seven is truly a crowning achievement; another significant milestone for HOAP,” said Shawn Murray, Chair, HOAP. “Not only has a seventh home been successfully converted into affordable housing for existing social housing tenants, but it has also, more importantly, helped build self worth by helping another family realize the Canadian dream of owning their home.”
The procedure followed to ensure HOAP’s objectives are fulfilled involves selecting families who currently reside in Hamilton/Burlington social housing units. In addition, they must have a desire to own a home and the financial means for securing affordable homeownership. Working with a REALTOR®, the selected families identify single-family properties within a price range that meets their needs and requirements. They must also submit an “Offer to Purchase” for their respective dwellings. The recipient families then apply for Residential Rehabilitation Assistance Program funding, a program financed by the Canada Mortgage and Housing Corporation and delivered by the City of Hamilton. Representatives from Threshold School of Building, a not-for-profit and registered charity, teach building skills to youth at risk , while Scotiabank provides mortgaging assistance.
“The initial goal of the partnership was to provide affordable housing to families participating in the cities’ subsidized housing programs,” added Murray. “However, t o date, seven projects and approximately 100 people have benefited from HOAP, including the family members moving into their own home, students learning new skills as well as providing other disadvantaged families the opportunity to move into social housing units.”
Generous funding for the initiative has come from the following sponsors: City of Hamilton, RAHB’s Annual Charity Golf Tournament, Lowe’s Canada and the Ontario Real Estate Association’s REALTORS Care® Foundation. In addition, Lowe’s Canada provided a $2,400 Lowe’s gift card to the latest HOAP family.
