In an area being hard hit by the downturn of the auto industry, this program began on January 1, 2009 and ends on March 6, 2009. As of December, 2008 Windsor's unemployment rate sat at 9.1%. Details on the program can be found here.
Some of the details:
- Maximum home value of $160,000
- Maximum income of $61,400 annually
- Loan must be paid back if applicant does not own and stay in the home for at least 20 years
- If the home is sold for less than the original price paid the loan is forgiven
I thought this was an interesting program; it is actually called 'The Canada-Ontario Affordable Housing Program Homeownership Program. I have never heard of such a thing. Like the Hyundai 'Lose Your Job, Return Your Car' program, this is a sign of the times in Southern Ontario.