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A few of the social media political scientists working overtime this weekend

A few of the social media political scientists working overtime this weekend
Showing posts with label Urban Indigenous Canada. Show all posts
Showing posts with label Urban Indigenous Canada. Show all posts

Friday, July 22, 2011

Mortgage financing inter-urban First Nations

Harry DeLeeuwCo- Chair of Manitoba Tipi Mitawa says a partnership between the Manitoba Real Estate Association and the Assembly of Manitoba Chiefs operating with funding for a pilot project is putting home ownership into First Nation hands in Winnipeg, Manitoba, with a project that promises province-wide participation. “We have six families settled in homes in Winnipeg and two more are currently looking for their ideal home,” says Harry DeLeeuw, of the program three years in the making. 
 
“We based the program on how to convert rental subsidies into mortgage subsidies. The goal is to provide family stability where the applicants can choose the area in which they wish to live with no restrictions. Home ownership equates to stability and community values.” DeLeeuw says, “This program is has been well received, both locally and nationally. Our initial goal is for 40 homes in the Province. The province requested a pilot project of five homes and then supplied partial funding for an additional 5-7 homes. The Provincial and Federal Governments, through the HomeWorks initiative provide the major funding for the down payments and the mortgage subsidies, while the Manitoba Real Estate Association provided over $300,000 for the down payments as well as providing the staff and initial administration expenses.

Harry DeLeeuw says, “The government is committed to the benefits of home ownership where needed. The project is considered as a possible national program for financing home purchases for aboriginal families in urban areas. The provincial and federal governments cooperated on HomeWorks jointly. A newly announce program called Frameworks will provide a further $62 million over 3 years and replaces HomeWorks. These are funds provided by both the Provincial and Federal governments.” 
 
DeLeeuw says, “We provide a 15 percent down payment with a monthly subsidy of mortgage averaging $440 per month over a locked-in 10-year mortgage. The payments remain constant over the full ten years so that the families can properly budget. Applicants must attend a 10 week financial management program provided by SEED Winnipeg and go through a CMHC home maintenance programIn addition, they must qualify for mortgage financing with Assiniboine Credit Union.” 

DeLeeuw notes that the program has parameters required by Manitoba Housing. “Currently, the maximum house price cannot exceed $180,000 and total family income qualifications fall between $25000 and $54,000 per year.” Manitoba Tipi Mitawa is a provincial organization and the goal is to provide homeownership in all Manitoba urban centres. “In conjunction with Seed Winnipeg, Manitoba Tipi Mitawa is looking to provide the financial management course via the internet in the foreseeable future as this has been an impediment to bringing the program province wide..”

The program is designed to break the cycle of poverty by using home ownership as an equity builder. In additions, the program takes advantage of all the benefits of home ownership including  family stability, pride of ownership, capacity building, financial management and self image.