Thank you, Madam Speaker. Madam Speaker, as we know, this program, the Expanded Downpayment Assistance Program, is to assist people wishing to get into their own homes through home ownership because they are paying well in excess of 25 or almost 30 percent of their income, which could be better served by getting into home ownership. This is not only for people in the high income bracket, this is also there to assist people and get them out of social housing and get them into home ownership, but only where their income shows that they able to pay to maintain a home, and also be able to ensure that they are paying well in excess of 30 percent of social housing. This is not only intended for people with high incomes. The subsidy program that's being delivered through this program is a subsidy, which is depreciated over 15 years when that individual occupies that unit. It's not automatic that you get $70,000. It's a subsidy that's provided to those individuals to subsidize them so they can get into home ownership, knowing that they are better off in home ownership than they would be in social housing. Thank you.
David Krutko on Question 34-15(4): Expanded Downpayment Assistance Program
In the Legislative Assembly on May 27th, 2005. See this statement in context.
Return To Question 34-15(4): Expanded Downpayment Assistance Program
Question 34-15(4): Expanded Downpayment Assistance Program
Item 6: Oral Questions
May 26th, 2005
Page 63
See context to find out what was said next.