A Meadow Lake developer is constructing four homes in the city under the Head Start on a Home project, a provincial program aimed at easing the transition burden between renting and ownership.
In 2013, Meadow Lake Properties Ltd. owner Al MacFarlane built 11 homes under the Head Start on a Home Project, with all of them now sold, he’s looking to build another four under the same program.
He explained the four homes are single family dwellings, with a two story design. Two of them will also be bachelor suites. He added due to the suites size, the houses will still classify as single family.
Three will be constructed on Centre St. with the fourth at 508 Second Ave. W, which is already sold. The other three are expected to be complete by October 2017.
Out of the four homes being built, two will be sold for $310,000, and the other two for $265,000.
To qualify for the Head Start on a Home Project, city council must support it by providing the developer or home owners an incentive, and the homes sold must be at or below market value.
The program is designed to help residents own homes by providing loans for down payments with a cheaper than rent mortgage price.
At the Nov. 14 regular council meeting, councillors agreed to provide a tax abatement to the four properties. In the first three years of ownership, the property owner sees a rebate of 100 per cent the first year, 50 per cent the second and 25 per cent the third on property taxes.
City council had to amend a 2013 bylaw to allow the tax abatement. Previous to the amendment, a minimum of 11 houses were needed to be built under the provincial program.
Colton Swiderski is meadowlakeNOW's municipal affairs, crime and court, health and education reporter. He can be reached at [email protected] or tweet him @coltonswiderski.
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