The District of Muskoka has launched two new programs for residents and builders to help address the growing need for affordable housing.
District officials said applications are now open for the Development Charges Forgivable Loan Program for first-time homeowners and the Head Lease Funding Program for developers and landlords.
“With affordability challenges only increasing right now, we are rolling out two programs that can help both Muskoka residents and builders with housing costs. As promised, we are reducing the cost of District development charges for first-time homebuyers,” said Jeff Lehman, Chair of the District of Muskoka. “Second, our Head Lease Funding Program is now open for business, introducing a new approach to help increase the supply of rental housing.”
According to officials, through the Development Charges Forgivable Loan Program, the district will help first-time homebuyers in Muskoka cover development charges for a new home; fees collected when a building permit is issued to support roads, water, sewer, and other services.
Additionally, officials said eligible homebuyers may receive a forgivable loan of up to $15,000. The loan does not need to be repaid if program requirements are met for three years.
More information about this program can be found here.
Officials said through the Head Lease Funding Program, the district will lease units from developers and landlords, offering them stable, guaranteed monthly payments. The District will then sublease the units to residents in need of affordable housing, helping reduce management responsibilities for landlords.
Applications are open until June 5. More information about this program can be found here.
