Counting their blessings
December 19, 2009
Special to the Star
Special to the Star
At Ruby's house, the true spirit of Christmas doesn't come but once a year.
Like many other children, Ruby, almost 2, lives in a home filled with toys and family photos and decorations for the festive season. Yet, it's also a home with an abundance of love, commitment, generosity and hope in the midst of immense challenges – a place her parents, Danny and Michelle Chow, say has been a "blessing" for their young family.
Their story begins in 2000, when they met while working at an investment services firm in Toronto. Before they were married, Danny lived in a series of overpriced apartments, while Michelle lived with her parents in Mississauga.
"Back at that time, we were in entry-level clerical jobs," says Michelle, 33, making home ownership in the city a distant dream.
Then in 2001, a friend brought a pamphlet to Danny's attention that outlined an affordable housing development, and the couple went to a public meeting at a North York library. The presentation was by Options for Homes, a non-profit developer that helps those with low and moderate incomes get into the housing market. This particular building, the Shermount, was being built on Lawrence Ave. W. near Allen Rd., where Canada Mortgage and Housing Corp. once had its headquarters.
Working with Options for Homes was a non-profit corporation called Home Ownership Alternatives, which provides financing to prospective homeowners in the form of second mortgages that don't have to be paid back until a property is sold – an approach that lowers the size of the first mortgage and increases the down payment to 25 per cent. At the Shermount, which has 380 condo units and 51 townhouses, HOA provided more than $8.5 million in support to homebuyers.
To read more click on the link:
http://www.yourhome.ca/homes/realestate/article/739838--counting-their-blessings
Home Ownership Alternatives provides financing to prospective homeowners in the form of second mortgages that don't have to be paid back until a property is sold. It is an approach that lowers the size of the first mortgage and increases the down payment to 25 per cent. Thanks for sharing this post.
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