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Perpetually Affordable Housing (PAH) by CCHC
Find out if PAH is right for you!
PAH is for people who live and work in Canmore. It
brings home ownership within reach and provides affordable rental
options to eligible residents. To find out if PAH is for you, read the
frequently asked questions below. You can also contact the Canmore
Community Housing Corporation (CCHC) for more information.
What does “perpetually affordable” mean?
PAH is a community investment in Canmore's housing
infrastructure, which allows CCHC to provide homes at below-market
prices to eligible households. To ensure that the community's
investment and the "perpetual affordability" are retained for
the benefit of future residents, resale and rental price formulas are
used. This means that if you own your PAH home, a resale price
formula indexed to inflation is used to calculate how much your home can
increase in value each year. Based on that formula, PAH homes increased in value by 2.42%
in 2007, 2.53% in 2008, and 0.33% in 2009. If you rent
your PAH home, you can be assured rental rates will remain a minimum of
10% below market rates.
Who is eligible for PAH?
Applicants must meet specific criteria based on
employment, residency, income, asset and other qualifications as
determined from time to time. These criteria may vary by PAH development. Full details can be found in the application packages
or by contacting the CCHC office.
Are there other requirements?
PAH homes must be the applicant’s permanent, primary
residence. If you own your home, housemates and
boarders will be permitted as long as a titled owner remains in
permanent residence.
Why should I purchase a "perpetually affordable"
home?
Purchasing a perpetually affordable home is a
personal and financial decision. When you buy PAH by CCHC, you
are purchasing a condominium leasehold interest in the property
that gives you ownership for up to one hundred years. The PAH
program enables households unable to pay Canmore market prices for
equivalent homes to get into home ownership and build equity even with
the resale price formula. Let’s use the example of
a $250,000 PAH home. The resale price formula allows for a 2.42%
increase in 2007, a 2.53% increase in 2008, and 0.33% increase in 2009. This means that at the
end of 2009, the maximum resale price of the home would be $263,394.
That’s an increase of $13,394 in three years. And don’t forget the equity
built by paying a mortgage rather than paying rent.
How do I buy or rent a PAH home?
Submit an application form and supporting
documentation to CCHC. We will process your application and confirm your
eligibility to buy or rent a PAH home. This gets you on the PAH List of pre-approved
applicants to buy or to rent, which is used by CCHC in administering
the sales and rentals of PAH units. When a new, resale or rental PAH home
becomes available, pre-approved applicants are contacted first.
Once you have been approved, the process to buy a
PAH home is the same as to buy a non-PAH home. You will make your
own arrangements for mortgage financing and make an offer to
purchase. CCHC does not act as an agent on your behalf in this
process, but we can provide you with a list of lenders/brokers and
lawyers who are familiar with the PAH Program to provide you with
independent advice.
We encourage applicants
who are thinking of buying within the next two years to get on the PAH
List now as you never know when the right PAH home for you will
become available.
What else do I need
to know?
Buying a home is one of the biggest financial and
lifestyle decisions you will make. Be sure that you are prepared and
fully informed. Check out these resources:
CMHC
Homebuyer's Step-by-Step Guide
Real
Estate Council of Alberta Consumer Information
Consumer
Tipsheet - Buying and Owning a Condominium
The
Home Buyers' Plan (HBP)
2010/11 PAH Ownership Application
2010/11 Rental Application
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