The City of Lacombe’s affordable housing strategy contains a clearly stated goal to encourage creative partnerships that will assist in delivering affordable housing stock. In line with this priority, the City of Lacombe and Affordable Housing Steering Committee are excited to announce a new program in collaboration with the Bethany Group and Browood Developments. This innovative public/private partnership will look to assist those who could be homeowners based on income but are struggling to save the required down payment. Through this program, down payment assistance will be provided to eligible individuals and families for the purchase of a new townhouse condominium unit at 4718 49 Avenue or 4716 College Avenue. There are a total of fourteen (14) units available through this program.
Check out the unit layouts/floor plans:
- 4716 College Ave Elevation
- 4716 College Ave Main Floor
- 4716 College Ave Second Floor
- 4718 49 Ave Elevation
- 4718 49 Ave Main Floor
- 4716 College Ave Second Floor
- 4718 49 Ave Second Floor
Minimum Household Eligibility
- Mortgage pre-approval from an accredited mortgage lender
- At least eighteen (18) years of age and a legal resident of Canada
- Where there are co-applicants each applicant must be a pending registered owner of the Unit
- Must be residents of or employed within the City of Lacombe for a minimum period of one (1) year prior to the date of application
- Must provide proof that gross household family income is between $58,000.00 - $110,000.00
- Cannot currently own a home or have any vested interest in a residence/land
- Personal net assets including gifted amounts from friends or family, savings, RRSPs or GICs cannot exceed $50,000.00
- Must reside in the Unit upon closing of the purchase of said Unit;
- Applicants must furnish proof that they hold sufficient funds to pay the closing and adjustment costs for the purchase of the Unit and that same was not borrowed by them.
Home Buying Process
At the end of the application period, successful applicants will be contacted and provided with a conditional letter of commitment. The Applicant must enter into a sales agreement within ninety (90) days of receiving the conditional letter of commitment and submit a signed copy of the agreement to the Bethany Group. The Applicant will confirm that the sales agreement has had all its conditions met or waived, ie. it is an unconditional sale. The Applicant will then enter into an agreement with the Bethany Group; this agreement will outline the terms and conditions of the down payment assistance program including a caveat to the registered on title, should the property be sold during the specified contract term. This caveat will stipulate the down payment must be returned to the Bethany Group on the following a prorated basis:
- 0-5 years: full refund
- 6-10 years: 75 percent refunded
- 11-15 years: 50 percent refunded
- 16-20 years: 25 percent refunded
Once this agreement is finalized, funds will be made available to the applicant’s lawyer for closing.
How to Apply
- Mortgage Pre-Approval: Please contact a mortgage broker, trust company, credit union, bank or other qualified lender of your choice to apply for a no-cost mortgage pre-approval. This pre-approval must be included in your application.
- Required Information: Review your application carefully to ensure the following supporting documentation is attached. Please include:
- Proof that you are a legal resident of Canada. For each household member, attach copies of their birth certificates, citizenship documents, Native status cards, permanent resident cards, records of landing, convention refugee documentation and/or refugee claimant forms.
- Proof of age. For each household member, attach copies of proof of birth dates (if this information is not available on your proof of status documentation above).
- Proof of address or employment status. For each household member eighteen (18) years or older, attach one of the following; copy of the current lease agreement or a letter from your employer verifying the length of employment in Lacombe. Evidence of previous address or employment in Lacombe must cover at least the one  year period immediately prior to the date of the application
- Photo identification (ID). For the main applicant, attach a photocopy of one piece of government issued ID.
- Bank verification of income and assets form. For each household member eighteen (18) years or older, attach a bank verification form completed and signed by any bank, trust company or credit union where they have an account.
- Original letter from your Bank or Bank Statement. This must confirm that you hold sufficient funds to cover closing costs.
- Most recent notice of assessment. For each household member eighteen (18) years or older, attach copies verifying sources and amounts of income, as well as information about their assets.
Incomplete applications or those with missing documentation will not be considered.
- Submit Application: Applications can be submitted in person to the following address by May 31, 12, 2018:
Bethany Group c/o Lacombe Foundation
4622 C&E Trail
Lacombe, Alberta T4L 1M9
Attention: Outi Kite