Thank you, Madam Speaker. Madam Speaker, as I stated, this program has assisted 570 people in which we were able to leverage $42 million through bank financing to assist us with these 570 people. Yes, the goal of the program is to get people into home ownership and give people independence so that they are not stuck in social housing. In a lot of communities 90 percent of our houses are social housing facilities. We have to get them into a home ownership program. One of the programs we have is EDAP. The other program is the Independent Housing Program. We have programs designed to assist people to become homeowners. The large portion of the cost of these facilities is based on where you do your assessment. In Yellowknife everyone knows the cost of building in Yellowknife you are looking at $250,000 to $300,000 for a home. In the program we can support people up to 40 percent of the value of the home and the property it is on. So there are maximums of how far you can go with this program. So if you are looking at a $300,000 home, then you can see how 40 percent of that will fall into the number that the Member is talking about. But we hear from this House, we have passed a motion for ourselves to bring down our core needs by 10 percent by 2007 and this is one way that we are going to do that. Thank you, Madam Speaker.
David Krutko on Question 34-15(4): Expanded Downpayment Assistance Program
In the Legislative Assembly on May 27th, 2005. See this statement in context.
Further 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 64
See context to find out what was said next.