With just over a month to go before new homeowners begin taking occupancy of their condo units at Village by High Park, a complex at the corner of Keele and Dundas West streets, it was announced that the project would receive an additional $2.5 million in funding, July 20.

What this means is that another 10 per cent of the development will be dedicated to helping people who otherwise wouldn't be able to own their own home, said Options for Homes CEO Mike Labbe in an interview Thursday morning, July 22.

Options for Homes, the non-profit housing corporation responsible for Village by High Park, has been dedicated to providing cost-effective home ownership opportunities to everyone since 1993.

All three levels of government, in conjunction with Options for Homes and Home Ownership Alternatives Non-Profit Organization (HOA) announced Tuesday the additional funding for 108 affordable condominium units within the Village by High Park project.

The development is funded in part under the Canada-Ontario Affordable Housing Program and in part by the City of Toronto through a partnership with HOA and Options for Homes.

"This means that people of a more modest income, 10 per cent of people below the 30th percentile - whose income is below the 30 per cent average of the city, can own within our development," said Labbe. "Another 15 percent of the funding will land in the hands of hard working people, two income families making an income of $35,000 to $40,000 a year."

Who is eligible for an Options for Homes' unit?

"We're open to the public on a first come, first serve basis," explained Labbe. "We've lined up people in advance of the construction of Village by High Park. Our next project is at Bathurst and Lawrence and people are already lining up. It's a matter of getting on our waiting list. Four-thousand people are on that list."

Options for Homes builds condominium buildings comprised of bachelor units to five bedroom condos.

"We care what the social needs are of the communities we build in," said Labbe. "Blended housing makes for better neighbourhoods."

Minister of Finance Jim Flaherty said in a statement that with the help from the Government of Canada, these 108 affordable condominium units would "benefit the economic and social well-being of the entire community."

The Ontario government's Minister of Municipal Affairs and Housing Jim Bradley offered his good wishes as well.

"The McGuinty government is pleased to be helping people reach their dream of owning their own home," said Bradley. "As part of our Open Ontario plan, this investment is helping to stimulate the economy by creating jobs in construction and renovation, while improving the lives of people with low-incomes."

One-hundred and eight homebuyers at the Village by High Park will receive $2.5 million in down payment assistance through a joint investment under the Canada-Ontario Affordable Housing Program. This money is in addition to the $1.6 million that was announced in September last. The homeownership component of the Canada-Ontario Affordable Housing Program aims to ease the demand for rental housing by assisting individuals with low-to-moderate incomes to purchase newly-built affordable homes.

"The first people are moving in Aug. 30," said Labbe. It's very exciting. We're a month and a few weeks away. Our model allows anybody with a permanent income to own - as long as they have a steady income, we can accommodate them."

The more people who own, said Labbe, the more they are stakeholders in their neighbourhood.

"One step to this is to help people build equity," he said. .

- Inside Toronto

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