REGINA — Although many people want to own a home one day, rising barriers mean that dream is often out of reach.
To help address this challenge, Silver Sage has introduced Lease into Full Title (LIFT), a program designed to make it easier to become a homeowner.
“It truly is life-changing for people to go from being renters to homeowners,” said Regan Sanderson, Silver Sage development officer, at an announcement on Thursday.
Starting in July, Silver Sage will begin accepting applications for 10 homes as part of the program, with each approved applicant having to meet certain requirements.
“You have to be residing in the home for those 15 years before it will be transferred to you. We're looking for stable employment and a good income. We're kind of looking around that 60,000-plus annual income,” said Sanderson.
She also said successful applicants will have to be good stewards of the community.
Tenants will pay approximately $1,500 a month, including rent, homeownership costs and utilities.
After paying rent and meeting the program's other requirements for 15 years, homeowners will only be responsible for closing costs, with no mortgage required, Sanderson said.
“The closing costs would be the lawyer fees, basically, and any other costs involved in transferring the title to the new owner.”
The 10 houses were transferred from the Saskatchewan Housing Corporation for a total value of approximately $1.14 million.
The province is also providing a forgivable renovation loan of up to $200,000 for minor repairs. Silver Sage is also eligible for additional repair funding through the City of Regina's Housing Incentive Program.
Regina Mayor Chad Bachynski said this program will be transformational for the city.
“A program like this removes a lot of those barriers and allows folks who might not otherwise have one.”
For successful applicants, Sanderson said the program will help set their families up for future success.
“It's life-changing, it creates intergenerational wealth. So, you've got something maybe to pass on to your kids or pass on to someone special.”
Sanderson said Silver Sage is aiming to move in its first renter this summer.
She is also hoping the program can continue expanding in the future.
“We hope to maybe have other housing opportunities, education, training, all those kinds of things to get people into home ownership and get them equipped with knowledge and guidance to get there.”
