18 The Market Place Wednesday January 12 1977 The Government of Canada wants you to have home of your own at and Chapelton Homes have built it for you HERES HOW THE GOVERNMENT WILL HELP YOU The Government has made available two types of financial assistance in buying Chapelton Home THE MORTGAGE If there are two or more people in your household the Government will lend you money to lower your mortgage payments during the first five yearsThis is called an INTEREST REDUCTION LOAN GRANT YOU NEVER PAY BACK If you have one or more dependent children you will receive up to $750 from the Government during the first year to help bring down your mort gage payments including taxes to 25 of your total family income WHAT IS AN INTEREST REDUCTION LOAN An INTEREST REDUCTION LOAN is to assist you in making your mortgage payments during those early years of home ownership when payments are most difficult Its effect is to reduce your first years mortgage pay ments to what they would be at an interest rate The INTEREST REDUCTION LOAN continues for five years and is interestfree for those five years too Every year the amount of the loan you receive reduces But it still keeps your mortgage payments down HERE IS HOW YOU QUALIFY Two or more people must live in the home No income limitation minimum or maximum THIS IS WHAT YOU GET YEAR Every month you pay your mortgage payment on your new Chapelton townhome $35368 EVERY MONTH FOR THE FIRST YEAR THE GOVERNMENT SENDS YOU CHEOUE FOR $8945 The net cost to you is equivalent to the payments of principal and interest on an mortgage $26423 AFTER YEAR The amount you receive is reduced each year by 15th of what you received in the first year WHAT ABOUT LOAN REPAYMENT The Interest Reduction Loan can be of great assistance during the first years of home ownership But as with any loan it has to be repaid The loan can be repaid at any time during the first five years The loan must be repaid immediately if the property is sold or if new first mortgage is obtained for an increased amount Interest does not start on an Interest Reduction Loan until after five years have passed You may choose to repay your loan at that time by arrang ing for an increase in your first mortgage by monthly payments to the Government After five years you are allowed the sixth year to catch your breath At the beginning of the seventh year you must start repaying your loan plus interest THE GRANT YOU NEVER PAY BACK WHATS IT ALL ABOUT If you have at least one dependent child you may be eligible for grant to help you buy your new Chapelton home First however you must make full use of the INTEREST REDUCTION LOAN If with this loan assistance your monthly mort gage payments for principal interest and taxes are more than 25 of your total income from all sources of both the principal wage earner and spouse you can qualify for grantThis help can be as much as $750 during the first year AND WHAT ABOUT THE FOLLOWING YEARS If you qualify for both the INTEREST REDUCTION LOAN and the grant you will receive the full amount approved under both types of assistance during the first year Then in each subsequent year the total amount of assistance will be reduced by 15th of the full amount advanced to you the first year At the end of the five year period the financial arrangements can be reviewed and if warranted the assistance may be continued HOUSING BY CHAPELTON HOMES IN ARE YOU ELIGIBLE Heres Checklist that will tell you instantly whether or not youre eligible for THE MORTGAGE YES NO Are you planning to buy new Chapelton Home III Do you intend to occupy the home III Are there two or more members in your household El If you have answered Yes to all these questions come see us about the INTEREST REDUCTION LOAN on your new Chapelton Home THE GRANT YOU NEVER PAY BACK Do you have at least one dependent child El Would your mortgage payments principal interest and taxes less Interest Reduction Loan be in excess of 25 of gross family income ll III If you have answered Yes to these two questions come see us for grant on your new Chapelton Home The amount of the grant will be determined when the INTEREST REDUCTION LOAN is approved by CMHC LETITIA HEIGHTS BEAUTIFUL NEW COMMUNITY Wander around the siteabout 25 of the total community will remain in its natural state for use as parkland When completed Letitia Heights will house 1200 families and have its own school and community shopping CHAPELTON STREET TOWNHOMES are totally new to Barriethese are homes that youll be able to afford If you can scrape up 31593 by the time youre ready to move in weve got home for you At our low prices youre going to be surprised at the high quality of workmanship thats gone into your new Chapelton Home among the trees CUNDLES RD BAYFIELD ST ANNE ST NORTH Exit 400 at Dunlop Left on Anne St North on Anne St to Letitia Heights