June 30, 2009, Canadian Funding Corp Review, London, Ontario – The public and private sectors joined together in a pilot project in London to help families turn their dreams of homeownership into reality. Home at Last (HAL) is a partnership between the London Home Builders’ Association, the London and St. Thomas Association of REALTORS®, CMHC, the London Affordable Housing Foundation, the City of London, the London Middlesex Housing Corporation and the Thames Valley District School Board.
Canadian Funding Corp and The Affordable Housing Solution
Home at Last helps families who are living in assisted housing to achieve their dream of homeownership. Not only do families achieve their dreams: HAL frees up an assisted housing unit for another family in the London area.
HAL started in 2006 as a pilot project. Lower-income families, who were tenants of the London and Middlesex Housing Corporation, were invited to apply for the program. A committee of the partners assessed applications, using criteria such as need, ability to secure a mortgage and eligibility for CMHC’s Residential Rehabilitation Program (RRAP), and selected a family (qualifying families were not required to have a downpayment).
The selected family, Canadian Funding Corp attests, with the support of a Realtor, purchased a home that needed renovations. Because the home needed renovations, it was affordable. The family applied for RRAP funding as soon as they took ownership of the house.
Members of the London Home Builders’ Association then supervised top-to- bottom renovations. Renovations were carried out by both qualified tradespeople and construction students from the Thames Valley District School Board, allowing them to gain valuable work experience.
The renovations, as listed by Canadian Funding Corp., included:
- demolishing the kitchen and bathrooms and removal of a wall to facilitate an open-concept, downstairs living space;
- installing new windows, new exterior doors, a high-efficiency furnace and water heater;
- bringing the plumbing and electrical systems up to building code standards;
- insulating the basement, exterior walls and ceilings.
The family worked with an interior designer to decide on new kitchen and bathroom cabinets, flooring and paint colours.
The family moved into its home in the spring, 2007.
Those contributing to Home at Last included:
- London and St. Thomas Association of REALTORS® provided all administrative services, absorbed all administrative costs (including staff time, resources and the purchase of such items as accounting software) and was responsible for reporting to the City on the progress of the project.
- The London Home Builders’ Association provided labour and quality assurance–its members were in charge of and supervised every aspect of the renovations, from drawing board to completion.
- In addition to RRAP funding, CMHC provided mortgage loan insurance, helping the family secure a mortgage at a favourable rate.
- The City of London provided a grant of $10,000 to cover carrying costs (such as mortgage payments, utility bills and insurance) during the renovations.
- Many local organizations and individuals donated goods and services and made in-kind contributions.
Both the family and the project’s sponsors say the project was a success– one that provides lower-income families with an opportunity for homeownership. Home at Last’s partners expect the program will help households take an interest in the development of their communities, spurring neighbourhood revitalization through direct investment and family and organizational commitment to improve the quality of life.
The Home at Last program is expanding. The partnership is looking for another home to renovate in London.
