SASKATOON – A new low-income housing development is officially underway in one of Saskatoon’s up and coming areas.
Aria Condominiums is being built at 225 Maningas Bend in the Evergreen neighbourhood and will be a three-storey apartment-style building consisting of 66 units.
Units range from 682 to 1,246 square feet and feature central air, five appliances and one above and one underground parking stall. Common areas include a games and yoga room.
The one- and two-bedroom units are priced between $268,500 and $368,500, including GST. The target sale price is at or below the MLS average for the community.
Units are pre-selling and homeowners are expected to start moving in this October.
Construction is being assisted by $14.2 million through the provincial government’s HeadStart on a Home program.
“HeadStart is addressing the increasing need for entry-level homes in Saskatchewan, working closely with our Credit Union partners, including this 66-unit project in Evergreen, in collaboration with the city of Saskatoon,” said Grant Kook, Westcap Mgt. Ltd. President and CEO.
HeadStart intends to finance the construction of at least 1,000 entry-level homes over five years. There is $200 million in funding available through the Federal Immigrant Investor Program.
Down payment loans are available for those looking to be a part of HeadStart. Developers are eligible for loans of 90 per cent of the construction cost at an interest rate of four per cent.
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