Housing program builds on strengths
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?