Make less than $80K/year and has less than $100K asset?

[Xtrema]

City of Calgary like to give you a handout.

http://www.attainablehomescalgary.ca/

http://www.660news.com/news/local/article/189683--more-affordable-housing-for-middle-class-calgarians

[Cos]

god dammit, why did I buy a house then?



- You are working in Calgary (or have a firm offer of employment);
- Your household earns an annual income between $53,000 - $80,400;
- You can qualify for a mortgage and save a minimum downpayment of $2000;
- You are willing to participate in an approved home education program;
- Your assets are not greater than $100,000.

Jesus that is every single grad I know under 25.

[Xtrema]

The way I look at it, other than operation cost, City is giving out average for $18K of down payment per successful applicant.

X 1000 unit, that's $18M if the project has no cost overrun.

If I'm reading this wrong, someone please correct me. Why would the City need such initiative? There are plenty of condo's you can buy for $200K range in the NW.

[sabad66]

Hmm very interesting... Gonna look into this a bit more later today. Just wish the project was a little more inner-city.

[broken_legs]

Someone in Calgary City council believes that house prices are too expensive for the average Calgarian.

So instead of letting the market correct back to a level where normal people can afford houses again, this person wants to further artificially support prices.

That or another one of the calgary lobby groups (Calgary Home Builders Association or CREB) has successfully brainwashed the idiots in charge of our money.

[Khalil.e]

No one will be making any sort of short or medium term gains on these properties, so hopefully that will keep out the people that don't really need the assistance.

[Unknown303]

This is a horrible idea. Helping people who can't afford to buy a home buy a home... How is that a good thing at all.

[Sugarphreak]

...

[adam c]

jeez those people need to get off their fat asses and get better jobs, stop living on child support

[Jeremiah]

$41000 a year and gets $16000 in Child Support?

I don't see any reason why she couldn't afford a 2 bedroom condo?

PS I live in a POV condo (piece of shit) - and it looks the same as those floor plans..

[BigMass]

just looked quickly but what exactly are they "giving" people again? Just seems like they're selling $200,000 condos for $200,000. The only advantage is the low down payment.

[Xtrema]

Originally posted by BigMass
just looked quickly but what exactly are they "giving" people again? Just seems like they're selling $200,000 condos for $200,000. The only advantage is the low down payment.

It's not very clear but I would say that a $200K place would need a down payment of $10K. You only need $2K and the City will pay $8K.

But $200K is the average prices. There will be bigger units that'll be more.

The site is so vague that I think something fishy is going on.

I need someone to explain to me why this is a GOOD idea to spend tax revenue on. Because all I see is waste. And why doesn't anyone with $100K asset need help?

IMO qualification should be $70K/yr or less, qualify for a mortgage and has less than $10K of asset.

And the site is full of retards:

http://www.attainablehomescalgary.ca/images/banners/06_contact.jpg
Get a real job before popping one out!

[thrasher22]

Originally posted by Xtrema
Get a real job before popping one out!

Bingo! Not everyone should own property. Didn't we learn anything the last 2-3 years?
Putting our tax dollars towards convincing people who aren't sure they can afford a home into high risk loans? FFS :banghead:

[Toma]

And I bet the developer gets a big tax break for providing this "affordable" housing.

Fucking crooks, someone is getting paid off to pull this stunt.

There is ZERO shortage of REAL affordable homes in this city.

LOTS AND LOTS of shit under $300k now.

Yet, during the boom, if you borrowed the down payment and lied about where you got it (ie, said you had it under your mattress, or sold a car etc), you faced fraud charges.

[BigMass]

Originally posted by Xtrema


It's not very clear but I would say that a $200K place would need a down payment of $10K. You only need $2K and the City will pay $8K.

But $200K is the average prices. There will be bigger units that'll be more.



Yeah I have no clue. I want to see real numbers. I qualify (not that I want this junk anyway). But what exactly will they give me. I want to see money in my pocket! Lol. If I buy a place for $2000 down and a $200,000 mortgage, guess what it’s market value is… that’s right $202,000. So I really get nothing but more debt via a lower down payment and a crappy piece of property in buttfuck nowhere with a 5 hour commute into downtown. They can make up crap like the unit is *worth* 220,000 but that’s bullshit. They could say those units are worth 1 billion dollars. It’s only worth what someone pays for it. And Toma is right. It’s all about tax write offs, incentives and kick backs. It has nothing to do with giving people anything. There are plenty of $200,000 places around town that are very nice. There is no shortage of housing. Plus, the renting / buying propaganda is a joke. The government wants people to own so they’re locked into the city and property taxes, not because they’re thinking about what’s good for that person. There is nothing wrong with renting. It’s a perfectly valid way to live and shelter yourself.

[Redlyne_mr2]

Originally posted by Toma
And I bet the developer gets a big tax break for providing this "affordable" housing.

Fucking crooks, someone is getting paid off to pull this stunt.

There is ZERO shortage of REAL affordable homes in this city.

LOTS AND LOTS of shit under $300k now.

Yet, during the boom, if you borrowed the down payment and lied about where you got it (ie, said you had it under your mattress, or sold a car etc), you faced fraud charges.

I wouldnt call them crooks, just smart business people. My dad started something like this in Central Alberta. It's a great way to develop land and sell lots. The city gives the developer huge breaks and even chips in on the costs because it promotes rapid development, pulls renters out of the rental market and into the housing market which will lead to the collection of more property taxes.
Just another way to market homes.

[Tram Common]

I love how "helping people out" is immediately met with "get a real fucking job" responses here on Beyond. :facepalm:

[adam c]

Originally posted by Tram Common
I love how "helping people out" is immediately met with "get a real fucking job" responses here on Beyond. :facepalm:

helping people out yes but you can't help someone out who isn't willing to help themselves so yes get a real fucking job

i don't sit at the bottom and hope one day i get to live off child support

[ercchry]

this sounds like something they did in major cities in the states... i think they call them.... the projects

[msommers]

As an up and coming new grad, I don't think these are horrible. You live in it for a few years and sell it because (A) want something better or (B) make more than 80K/yr. My biggest concern would be the quality (or lack thereof) of these homes and how much of a headache maintenance is going to be. When one goes to sell it, with interest and the possibile maintenance costs, are you really ahead of the game or did you escape paying rent for a few years? :dunno:

Honestly I don't know, I'm still learning.

[cloud7]

I think the money could be better spent on helping people who can't find affordable rentals, not to subsidize people who are making decent money to buy a house. Houses/condos have become a lot more affordable recently... my parents recently bought a nice, big condo just outside of downtown for around $250,000.

[Phenix]

I just saw this on live with Nenshi last night.

[n1zm0]

Originally posted by Cos
god dammit, why did I buy a house then?


+1, ffs...

[Xtrema]

Originally posted by Tram Common
I love how "helping people out" is immediately met with "get a real fucking job" responses here on Beyond. :facepalm:

I have no problem with subsidized housing in the form of subsidized rent which is a program we already have. Everyone deserves a roof over their heads.

Subsidized ownership on the other hand is a whole different ball game. Especially subsidized ownership of a complex that can easily be a "project" isn't exactly a wise investment.

Again, I like numbers. Someone better show me the numbers why this is a good thing for tax payers. Last I check, property tax can barely pay for City expenses. So taxes from these projects isn't exactly profit to cover the down payment investment.

[Cos]

I dont like how 80% of the city could qualify if they were single. Really 80k? 100k in assets?

[ercchry]

Originally posted by Cos
I dont like how 80% of the city could qualify if they were single. Really 80k? 100k in assets?

i think it is more so for struggling families...

80k income and 100k assets for two people is super low... i for sure see this turning into a nice little ghetto in the nw when you have 250 low income families in the same building....

[dezmarez]

Anyone in that situation would be able to qualify for a regular mortgage of $200,000 anyway. (minus the small downpayment)

Don't really understand the point of using tax payer money so that people can purchase houses with limited down payment.

[Sugarphreak]

.....

[bitteeinbit]

Where exactly do they say it involves tax revenue? It's a corporation so the way I read it they are simply selling cheap houses to people. They probably don't have the most luxurious finish inside and aren't made of granite and marble, but they found a good niche market and are going with it. The 80k/year requirement is probably there simply to ward off potentially loaded investors who would buy 3 places and then rent them out for a killing.

[Xtrema]

Originally posted by bitteeinbit
Where exactly do they say it involves tax revenue? It's a corporation so the way I read it they are simply selling cheap houses to people. They probably don't have the most luxurious finish inside and aren't made of granite and marble, but they found a good niche market and are going with it. The 80k/year requirement is probably there simply to ward off potentially loaded investors who would buy 3 places and then rent them out for a killing.

http://www.attainablehomescalgary.ca/partners/government

$1M from Alberta an $1M from Calgary.

From what I would guess, unless everyone involved doesn't draw a salary, $2M is probably how much they need to run this venture for a year, may be 2. I'm not sure how much the other "Sponsors" are chipping in to give people down payment.

I'm sure there will be policy in place to prevent people from renting it out or flipping them. May be in the form that you can only sell it back to AHCC instead of free market.

[Speed_69]

How do I know if their not just selling me a 200k condo for 220k?
The government says their put in 20k for my downpayment then I'm pretty much just back in the same boat as if I bought this condo myself without their assistance?

[aaronck]

Originally posted by Xtrema


It's not very clear but I would say that a $200K place would need a down payment of $10K. You only need $2K and the City will pay $8K.

But $200K is the average prices. There will be bigger units that'll be more.

The site is so vague that I think something fishy is going on.

I need someone to explain to me why this is a GOOD idea to spend tax revenue on. Because all I see is waste. And why doesn't anyone with $100K asset need help?

IMO qualification should be $70K/yr or less, qualify for a mortgage and has less than $10K of asset.

And the site is full of retards:

http://www.attainablehomescalgary.ca/images/banners/06_contact.jpg
Get a real job before popping one out!

Looking at Crystal, I assume she's making about 50k in tips at her restaurant job.