Vancouver, November 24, 2021 (GLOBE NEWSWIRE) – Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations) Cascadia Green Development, in collaboration with Community Savings Credit Union, today announced a pilot program in the city of North Vancouver that aims to tackle housing affordability and bring the dream of homeownership to those who are struggling to get a down payment, initially its kind of rental development with option to buy in Canada.
INNOVA is located in the City of North Vancouver and will include 168 residential homes and approximately 30,000 square feet of commercial space. Nine of the homes will be part of an Affordable Home Ownership Program (AHOP) and eight of them will be part of a Rental Option to Buy (RTO) program designed to benefit individuals, offering an opportunity to new home buyers. to allocate their rent to the down payment of their future accommodation.
“Vancouver was recently ranked as the least affordable city in North America and as a credit union we can do something to make change and encourage other lenders to do the same,” says Mike Schilling, CEO and President of Community Saving Credit Union. “It has become difficult for first-time buyers to enter the housing market. If the banks don’t give you financing, you are locked in a cycle of constant high rent payments and not able to save up for the deposit to move up the housing ladder. Through this project, we want to show what is possible when developers and lenders come together to truly benefit the community. “
The Rent-To-Own program will be a priority for first responders or people who live or work in the city of North Vancouver. When the final applicants are approved, a purchase / lease contract will be signed by the applicant. The overall price of the home will be set at this time and will not fluctuate with the market value of the property. Once the person has moved in, they will pay rent at the market rate for the housing they have been allocated for 24 months. At the end of the term, the the total amount of rent paid, in addition to the initial contribution, will be credited to their last installments.
“At Cascadia, our dream for this project was to focus on building community and bringing the dream of homeownership to young families and other community members. ” presents Farzad Mazarei, CEO of Cascadia Green Developments, “By working with Community Savings, we were able to see this dream come true. I hope to encourage other developers to take this initiative and work on similar developments to make housing in British Columbia more affordable.
The INNOVA development, of which the RTO pilot is a part, will also include two daycare centers and a common space for the inhabitants of the district. To learn more, visit https://liveinnova.ca/.
– ENDS –
How it works:
The information of the shortlisted applicants will be sent to the lender (Community Savings Credit Union) for their approval. When the final applicants are approved, a purchase / lease contract will be signed by the applicant where they will pay $ 5,000 up front. The overall price of the home will be set at this time and will not fluctuate with the market value of the property.
Before moving in, they are forced to make another payment of $ 5,000 to receive a key to the property. Once the person has moved in, they will pay rent at the market rate for the housing they have been allocated for 24 months. At the end of the term, the full amount of rent paid, in addition to the two initial contributions of $ 5,000 (Total: $ 10,000), will be credited to their final installments. Individuals will also have the option to exit the program or complete the purchase.
About Cascadia Green Development:
Cascadia Green Development is a land development, development planning, development management and construction consulting firm in North Vancouver. Its mission is to create durable, functional and beautiful multi-family and versatile residential developments that promote community for the good of all.
About community savings
Community Savings Credit Union is British Columbia’s largest fully unionized credit union and is dedicated to being the credit union of choice in the working community. At Community Savings Credit Union, we are known for providing exceptional service to every member and our passion is empowering our members to achieve their financial goals. Being owned and operated by its members, Community Savings invests in our communities by supporting local charities and nonprofits to help build stronger, more vibrant communities. To learn more, visit comsavings.com