APPLICATIONS NOW OPEN! Kingston's Municipal Home Ownership Program

• The funding is available only for down payment on the purchase of a home.
• The funding cannot be used for any construction financing or any other purpose.
• Approved applicants must provide a fully executed Purchase and Sale Agreement within sixty (60) days of receipt of the Letter of Conditional approval. Closing date may be beyond sixty (60) days.
• The funding will be paid directly to the home purchaser’s solicitor on the day of closing.
• The maximum amount of the funding will be five percent (5%) of the purchase price of the home to a maximum of $14,529.00.
• The funding will be in the form of a twenty (20) year forgivable interest-free loan registered on title.
• The home purchaser will be responsible for covering all costs associated with finalizing the purchase of the home, including legal fees, land transfer tax, registration of documents on title and any other related costs.
• All re-sale homes must have a home inspection completed at the expense of the home purchaser and provide verification of same (i.e. copy of inspection summary page and invoice).
• The funding will be forgiven and can be discharged at the request and expense of the home owner on the twentieth (20th) anniversary date of the home purchase.
• The funding plus five per cent (5%) of the capital property appreciation will become payable if at any time prior to the twentieth (20th) anniversary, as listed in the following four (4) bullet points:
  • The home is no longer the sole and principal residence of the home owner; or
  • The home is sold, transferred or disposed of; or
  • The home owner wishes to increase the original financing for the home; or
  • There is any default of the funding agreement.
• Should the funding become payable, the City may at its expense, commission an appraisal of the property in order to determine the fair market value and the property appreciation.
• The home owner must provide confirmation of their continued residency on an annual basis or upon request by the City of Kingston.
• Any misrepresentation may result in an applicant being deemed ineligible.

• At least one member of the household must be eighteen (18) years of age.
• The household members must be permanent residents of the City of Kingston or the County of Frontenac.
• The household must currently be renting a self-contained unit that will be re-rented within the City of Kingston and the County of Frontenac.
• The household must not currently own a home or have a vested interest in any real estate.
• The household must be purchasing their sole and principal residence.
• The combined total gross income of the adult household members must be at or below $84,800.
• The combined total assets of the adult household members must not be above $30,000. Assets include vehicles, recreational vehicles, non-registered investments and bank accounts. Registered retirement assets are exempt.
• The household members must be Canadian citizens, landed immigrants or have refugee claimant status and must be able to provide such documentation.
• The household must have a valid mortgage pre-approval from a primary lending institution.
• Each adult household member must provide documentation as listed in the following seven (7) bullet points:
  • Current Notice(s) of Assessment (2015 or 2016);
  • Verification of current income;
  • Verification of current banking information;
  • Verification of rental status;
  • Photo Identification (health card cannot be accepted);
  • Mortgage pre-approval must be submitted on letterhead and signed by a representative of the primary lending institution; and,
  • Verification of full time attendance in school, if applicable.

• The home must be located within the City of Kingston or the County of Frontenac.
• The home may be new or re-sale.
• The purchase price of the home cannot be higher than $290,580.
• Homes must be single residential units which may include detached, semi-detached, condominiums, limited equity co-operatives, or row houses.
• Mobile homes are not eligible.
• Multi-residential units, such as duplexes and triplexes, are not eligible.

• All applicants must complete the application form in full and provide the supporting documentation as required, and submit in the time and manner set out on the application form.
• Only complete applications with all required documentation and signatures will be reviewed for eligibility.
• Applications will be accepted on Monday, April 3, 2017 starting at 8:30 A.M. until Friday, April 21, 2017 at 4:30 P.M. Once an application has been deemed eligible it will be held for consideration and approved on a first come, first serve basis. If there are any remaining applications, they will be placed on a waiting list in order of submission date.
• After April 21, 2017, any further applications received will be placed on a waiting list in order of priority of the completed application and determination of eligibility.
• Approved applicants will receive a Letter of Conditional Approval and will have sixty (60) days to provide a fully executed Purchase and Sale Agreement. Closing date of the purchase may be beyond the sixty (60) days.
• Upon receipt of a fully executed Purchase and Sale Agreement, the home purchased will receive a commitment letter specifying the exact amount of funding to be paid to their solicitor, “In Trust”, on the closing date.
• Home purchasers will be required to sign a loan agreement which sets out the terms of the funding prior to any funds being paid “In Trust” to their Solicitor. Agreements will be registered on title at the Homeowner(s) expense.
• If the approved applicant is unable to provide a fully executed Purchase and Sale Agreement within sixty (60) days, the funding allocation will be withdrawn and the applicant will no longer be eligible to receive the funding.
• If funding becomes available, the next eligible applicant on the waiting list will be contacted and provided a Letter of Conditional Approval.
• Applications will continue to be received, evaluated and funding assigned until all funding has been allocated.
• When all funding has been expended, eligible applicants remaining on the waiting list will be advised accordingly.

(See all information here.)