A program designed to help mid-level income earners afford their first home has expanded to offer new opportunities at projects in northeast and northwest Calgary.
Attainable Homes Calgary Corp. recently acquired a total of 42 units from multi-family developments Arrive at Redstone and Treo in Beacon Heights.
The non-profit organization is a wholly-owned subsidiary of the City of Calgary. It offers housing options for people who qualify for a mortgage and have a down payment of $2,000.
To take part in the Attainable Home Ownership program, applicants who have dependent children must earn no more than $90,000 annually. Those without without children have to earn less than $80,000 annually.
The 42 units are a welcome addition considering the program’s upturn in demand, says president David Watson of Attainable Homes Calgary Corp.
“Our database has nearly doubled in the last year,” says Watson.
After 5,000 people initially registered for email updates on the program around the same time in 2012, the database has now reached nearly 10,000 people.
The increase is due to things such as low vacancy rates in Calgary, especially following the major floods in June, says Watson.
“Supply and demand — the price of renting has increased and mortgage rates are continuing to stay at the same rate, so people are starting to compare renting to owning,” says Watson.
“I think we’ve managed to show the marketplace that we are a viable option where people know about us, so they’re coming to us and looking at what kind of offerings we have. But right now, we have more customers than we have offerings.”
The program added 17 townhomes from Arrive at Redstone by Partners Development Group and 25 apartments from Treo, which is by Cidex Developments.
Arrive is currently under construction, while Treo offers immediate occupancies.
This isn’t the first time Partners Development has worked with Attainable Homes Calgary Corp. The company’s sister project, Arrive at SkyView, joined the program last year.
“They are great people and it’s a great program,” says Partners Development Group sales and marketing manager Jade Mahon about the program.
Earlier this year, Attainable Homes Calgary Corp. held a groundbreaking ceremony for the first project on land owned by the corporation itself.
Westbury Park is a 60-unit development between West Springs and Wentworth by veteran city builder Truman Homes.
Watson says the waiting list for this project is full.
Another project on land owned by Attainable Homes Calgary Corp. is expected to break ground in mid-November. The development is on a lot in the inner-city community of Mount Pleasant.
Attainable Homes Calgary Corp. will submit a development permit application for a planned project in the southwest community of Glenbrook later in November.
ALIVE ON ARRIVAL
Arrive at Redstone is the followup project to Partners Development Group’s complex Arrive at SkyView in a neighbouring community.
The new project offers two-, three- and four-bedroom floor plans, each with two-and-a-half bathrooms. The models range from 1,173 to 1,590 square feet and start in the $250,000s, including GST.
The units have an EnergyStar stainless-steel appliance package and vaulted ceiling features. Some come with walkout basements.
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