SASKATOON – The City of Saskatoon is now offering another option to boost its affordable housing initiative.
Rent-to-own is now available in the Pleasant Hill Village project.
“A main objective was to offer home ownership opportunities in a neighbourhood where rental occupancy rates were high,” said Neighbourhood Planning Manager Lesley Anderson in a release.
“The rent-to-own initiative provides an alternative method for buyers to obtain a mortgage. This is another tool, in addition to the traditional sales, that we will continue to pursue.”
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A rent-to-own program can help families with past credit issues, or with a lack of credit history, to purchase a home.
The Pleasant Hill Village project started in 2006 and includes two separate developments totalling 36 units.
Part of the agreement had the city purchasing any unsold units, of which 18 were bought in December 2010.
Four units were then sold from then until May 2012.
City council then adopted a new 9.9 per cent sales incentive grant and a five-year property tax abatement, leading to an additional seven sales.
The remaining units are ground-oriented townhouses designed for families with purchase prices ranging from just under $189,000 to $241,000.
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