Individuals and families looking for a place to call home can apply for condominium units now available at the Habitat for Humanity Peterborough & Kawartha Region (Habitat PKR) Leahy’s Lane development in Peterborough.
Habitat PKR is currently accepting homeownership applications for one, two, and three-bedroom units that have become available through the organization’s affordable housing buyback program. The program kicks in when existing Habitat homeowners decide to move due to life changes, such as relocating, growing their family, or pursuing new ventures.
“When the homes in Leahy’s Lane phase one and phase two (developments) were originally built and dedicated, they were all fully occupied,” Holly McKinnon, communications and marketing manager for Habitat PKR, told kawarthaNOW. “However, a few units within Leahy’s Lane phase one are now available again through our affordable housing buyback program.”
“When this happens, we actually buy their condo unit back, and renovate it if it’s needed, to then make it available to sell to another local family in need of affordable housing,” MckInnon explained.
“The original homeowner keeps any equity they’ve built up while living in their home, which they can even use toward a down payment on their next home on the traditional market. This is why these homes are great for first-time home buyers — it gets people into the housing market.”
The energy-efficient units are available through Habitat PKR’s affordable homeownership program, with no down payment and geared-to-income mortgages. Through the program, qualified applicants with a household income of under $95,000 could be eligible to purchase a condo unit.
The Leahy’s Lane development features modern layouts, universal design, and is situated in a central Peterborough location close to schools, shopping, transit, and parks.
“Many people don’t realize they can get a hand up onto the property ladder through our affordable homeownership program,” said Habitat PKR CEO Susan Zambonin in a media release. “Our homeowners are teachers, nurses, administrative assistants, early childhood educators, tradespeople, and others who are essential to our community but whose incomes often put traditional homeownership out of reach.”
“Through Habitat, they gain the stability of owning a home, the ability to build equity, and the chance to invest back into the community they serve. The impact goes far beyond one household; it strengthens our entire region and creates a ripple effect of stability and growth.”
Habitat PKR’s affordable housing buyback program not only helps families build stability and move forward, but also ensures that Habitat homes continue to provide affordable housing for local households well into the future, McKinnon noted.
A recent Habitat for Humanity Canada study found that the income of Habitat homeowners grew by nearly 30 per cent more compared to if they had continued renting. This translates into $35 million being injected into Canada’s economy every year by Habitat homeowners, according to Habitat PKR.
Local families and individuals can check their eligibility, apply for these homes, and register for upcoming in-person or virtual information sessions on Habitat PKR’s website at habitatpkr.ca/homeownership. Upcoming sessions are on August 21 and September 10 and 27.
“Even in the rare times we aren’t building a suitable home, families and individuals can still apply to be homeowners, and should put their names forward just in case a unit becomes available for purchase,” McKinnon added.
Habitat PKR is a not-for-profit organization whose mission is to mobilize volunteers and community partners in building affordable housing and promoting affordable homeownership.
Since 2002, Habitat PKR has supported 96 local families into affordable homeownership.
