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Loan program offered to first-time home buyers in The Blue Mountains
The Town of The Blue Mountains is launching a loan program to help bring first-time homeowners to the area.
Town officials say the hot housing market is making it difficult for many young families to own a home here. The average sale price of a home topped $620,000 at the end of 2016 and that number is getting even higher this year.
“We want them to stay here. I have four children and I want them to come back and live in the Town of the Blue Mountains. With the price of housing they can’t do that right now,” says deputy mayor Gail Ardiel.
The town’s "Attainable Housing Corporation" is trying to help and is now offering special loans to first-time home buyers.
“We are willing to give them a hand up in the way of a $20,000 interest free down payment assistance loan and that loan would be available to them for 20 years at which time they pay it back,” says Bruce Taylor, of the Attainable Housing Corporation.
The loans are limited to homes under $400,000 and even in this market there are options.
People who are interested in applying for the new loans can find more information on the town’s website.