The Province will finance 40% of the purchase price on pre-sale homes at Heather Lands through a new Attainable Housing Initiative.its new Attainable Housing Initiative in partnership with the MST Nations — xʷməθkʷəy̓əm , Sḵwx̱wú7mesh , and səlilwətaɬ — in a move that will likely have an undisputable impact on housing affordability, for some.
"The dream of home ownership has been out of reach for too many, for too long, especially here in Vancouver," said Premier David Eby. "This innovative initiative – delivered in partnership with MST Nations – will help thousands of middle-class people break into the housing market, while allowing government to recoup its financial contribution.
According to the Province, "net household assets" include stocks, bonds, GICs, cash, real estate equity, and business equity in a private incorporated company, among other things, but does not include vehicles, RESPs, RRSPs, and RDSPs, among other things. Buyers can sell their units after taking possession, but their net proceeds from the sale will be capped at 60% of the original purchase price, minus costs, plus the following share of any market value appreciation realized through the first subsequent strata leasehold unit sale transaction:20% if the sale occurs within the second year of occupancy;60% if the sale occurs within or after the fourth year of occupancy .
Formerly known as the RCMP Fairmont Lands, the City of Vancouver launched a comprehensive planning program in 2016 to develop a policy statement to guide the redevelopment of the property.
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