BUYERS GET HELP TO OWN A HOME
Trico’s Viridian project part of Housing Initiatives Program
Trico Homes is continuing its program aimed at helping buyers who can afford to own a home but had trouble saving enough for their down payment.
The builder is now taking applications for its PEAK (Public Essential and Key Workforce) Housing Initiatives Program for condos at Viridian in Sage Hill. Trico started the fund in 2009, helping 111 purchasers along the way. The fund is now administered and operated by Habitat for Humanity.
Buyers approved through the PEAK program receive a second mortgage for a full or partial down payment up to five per cent of the condo’s purchase price. The second mortgage is only charged interest after five years and PEAK recipients retain all equity in their condo.
“I would say there is a pretty big demand,” says Cindy Arevalo, who is part of Trico’s sales team at Viridian.
At press time, there were 20 opportunities remaining for buyers to enter the program at Viridian.
To qualify, applicants must be pre-approved for a five-year fixedrate mortgage equivalent to the price of a condo in the program but not have the resources available for a five per cent down payment. Other requirements include less than $30,000 in assets per household, a household income of no more than $80,000 for singles or couples and a maximum of $90,000 for buyers with dependant children.
“There are people who can have good credit but just don’t have the money for the down payment,” Arevalo says, adding PEAK is an attractive option for people looking to leave the city’s rental market.
Prior to Viridian, PEAK funding was offered at Trico’s Milano devel- opment in Panorama Hills, York 29 in New Brighton and Laredo in Cochrane.
Viridian is now selling quick possession condos in its second and third buildings and pre-construction purchases in its fourth building. Its third building is also set to unveil two new show suites starting at noon Saturday. These units display the 869 square foot A3 floor plan and the 852 square foot B2. Both units come in a two bedroom and two bathroom orientation. The A3 plan shows the development’s standard specifications, while the B2 is upgraded.
“They’ll be able to walk through our standard show suite and see everything that is completely standard as well as, seeing a unit that has been upgraded just to show some of our options that are available,” Arevalo says.
Condos at Viridian range from 629 square feet to 970 square feet.
The development is in the Symons Valley corridor at 3503 Sage Hill Dr. N.W. Its sales centre is open 2 to 8 p.m. Monday through Thursday, and noon to 5 p.m. on weekends.