More than $2.1 million has been approved to date under the province’s new Graduate Retention Program – First Home Plan, in support of 230 approved applications.
Of that, payments of $450,000 have been issued for 49 interest-free loans. The average loan is approximately $9,184. To date, approximately 276 applications have been received. The first application was received 17 minutes after the initiative launched.
The plan allows graduates to apply and use up to $10,000 of their unused tax credits under the Graduate Retention Program and use it for a down payment on a home, interest free. First-time home buyers and those who have not owned a home in the last five years may be eligible for the First Home Plan. Those who took possession of their home on or after May 1, 2016 are eligible for the program.