Hous­ing pro­gram builds on strengths

Calgary Herald - Calgary Herald New Condos - - New Condos -

Gor­don McHugh, gen­eral man­ager of Canada Mort­gage and Hous­ing Corp.’s Prairie and Territorie­s re­gion, spoke to the Her­ald about the PEAK af­ford­able hous­ing pro­gram:

Ques­tion: Can you please com­ment on the unique­ness of the PEAK pro­gram and if you think it has been a suc­cess — and why?

An­swer: CMHC rec­og­nizes the im­por­tance of lever­ag­ing com­mu­nity re­sources for the suc­cess­ful devel­op­ment of af­ford­able hous­ing.

The PEAK pro­gram helps bring to­gether the strengths of a rep­utable builder and a suc­cess­ful non-profit or­ga­ni­za­tion to bring home own­er­ship to fam­i­lies in Cal­gary.

The PEAK home own­er­ship project ben­e­fited from CMHC’s Mort­gage Loan In­surance Flex­i­bil­i­ties for Af­ford­able Home­own­er­ship.

These flex­i­bil­i­ties were cre­ated to help fa­cil­i­tate the pro­duc­tion of af­ford­able hous­ing. CMHC rec­og­nizes the mar­ket value of the home when cal­cu­lat­ing loan to value and the in­surance pre­mium for new homes des­ig­nated af­ford­able un­der this pro­gram. This unique ap­proach greatly re­duces typ­i­cal mort­gage costs for pur­chasers.

Ques­tion: Do you see this as a vi­able al­ter­na­tive for the fu­ture for those who have trou­ble get­ting into home own­er­ship? Would you en­cour­age more com­pa­nies to step up with part­ner­ships like this?

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