Non-profit developer
Neighbourhood Concepts has begun
selling units in a condo tower to be built at Donlands and Cosburn using an increasingly popular financing model that allows middle-income people to afford to get into the housing market.
Potential buyers for the East Yorker, which is being financed by
Home Ownership Alternatives, can qualify to use a specially negotiated second mortgage as the down payment, which they only have to pay back when they sell the property. The financing model was developed by
Options for Homes, with which Neighbourhood Concepts is affiliated.
"It's a great project," says Home Ownership's vice president Joe Deschenes-Smith. "You know
Woodgreen Community Services? They actually owned the adjacent site, and we're buying the land from them as part of the agreement. We'll be doing affordable houses on upper stories and services for Woodgreen on the ground floor."
The 11-storey building will have 134 units, starting at about $200,000. Construciton is scheduled to begin in early to mid 2011.
Writer: Bert Archer
Source: Joe Descenes-Smith
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