Affordable housing project breaks ground in Meadow Lake

MEADOW LAKE, Sask. – Construction is officially underway on a new $2.1 million affordable housing project in Meadow Lake, Saskatchewan.

The 11 entry-level homes will be the first in the north-western Saskatchewan city under the HeadStart on a Home project.

Under HeadStart, builders and developers are eligible for construction loans at an interest rate of four per cent for 90 per cent of the construction costs, including land.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

The provincial government kicked in $1.9 million of funding for the Meadow Lake initative.

“This is part of our Saskatchewan Growth Plan, the goal of which is to ensure that everyone shares in the benefits of Saskatchewan’s growth, including having their very own home to live and take pride in,” said MLA Jeremy Harrison.

Homeowners will have the option of purchasing a two-story or bungalow style three bedroom house at a cost of $262,500 including GST.

Downpayment assistance will be made available through the HeadStart Equity Builder Program and the city is offering a three-year tax abatement for buyers.

Occupancy is expected in the spring of 2014.