The Affordable Ownership Program Details

• Increases monthly affordability for homebuyers
• Reduces housing carrying costs
• The shared appreciation mortgage provides down payment assistance
• There are no monthly payments
• The mortgage does not need to be repaid until the home is sold or refinanced in the future
• On repayment, the homebuyer also pays a proportionate share of the increase in value of the home
• Registered as a second mortgage
• Open mortgage – can be repaid or reduced at any time
• The homebuyer needs to occupy the home, this finance is not available for investors
• The mortgage is not portable or transferable