Home Ownership Alternatives finances East Yorker condominium
April 30, 2010
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Home Ownership Alternatives Non-Profit Corporation announces its lead investment in the East Yorker condominium, which is being developed by Neighborhood Concepts Non-profit Corporation.
The East Yorker is a 10 and a half storey condominium on the Costburn corridor in east Toronto. The 134 unit contemporary building is close to many amenities including daycare, schools, and a local hospital. It is a short walk to the subway line and will be integrated into an existing community with an abundance of restaurants, shopping and offices. The site will also provide a 6,000-square-foot space for WoodGreen Community Services’ East York Rotary Neighbourhood House serving the local community.
“For HOA, we are really interested in lowering the income needed to buy a new home,” says Joe Deschenes Smith, Vice President Partnerships at Home Ownership Alternatives. “With the East Yorker, we’ll have families earning less than $50,000 a year purchasing these homes, and we hope we’ll get extra partner support to lower buyer incomes to even below $40,000 a year.”
Home Ownership Alternatives provides down payment assistance in the form of second mortgages. No payments of principal or interest are required until the home is resold.
The project is the first development partnership between the two companies.
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