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TORONTO–(BUSINESS WIRE)–Options for Homes, a not-for-profit developer that pioneered the use of
shared equity mortgages in Canada, is pleased with the details of the
Federal government’s First-Time Home Buyer Incentive (“FTHBI”) and the
steps it takes to address the country’s housing affordability crisis.

While Options believes there is still more to be done to tackle Canada’s
affordability problem, the FTHBI takes concrete steps to help Canadians
purchase their first home.

“The First-Time Home Buyer Incentive will go a long way to help to
improve access to home ownership for middle income earners and make
progress in tackling affordability issues,” said Heather Tremain, CEO of
Options for Homes. “We’ve been using the shared equity mortgage model
for more than 25 years and have seen firsthand the positive impact it
can have on working Canadians looking to achieve the dream of home
ownership.”

Options for Homes has helped middle income Canadians realize their
dreams of home ownership for more than 25 years, with more than 3,000
completed residential units and more than 2,100 in its development
pipeline. Options helps Canadians who can generally afford the carrying
costs of a home, but not the large lump sum required for a down payment,
buy high-quality condo apartments and townhomes.

As an example of the shared equity model, Options for Homes is currently
offering down payment loans of up to $115,000 for a three-bedroom condo
in its development on Toronto’s Humber River, reducing the required
annual household income to qualify for a mortgage by as much as $27,000.
The Humber includes 40 three-bedroom units, far exceeding the city’s
requirements for larger units, as part of its commitment to middle class
families.

About Options for Homes
Options for Homes is Canada’s
largest developer working exclusively on making home ownership more
affordable. Operating for more than 25 years without government funding,
Options is a social enterprise focused on helping people who can
generally afford the carrying costs of home ownership but don’t have the
resources to save for a large down payment through its unique funding
model. Options works with Deltera, the construction arm of Tridel, to
build high-quality condo apartments and townhomes. Options is currently
selling 3-bedroom units in The Humber, a development on the Humber River
in Toronto’s west end. For more information, visit www.optionsforhomes.ca.

Contacts

Nick de Pass
Kaiser Lachance Communications
647.216.5897
[email protected]