The City of Langford is stepping up to give a hand to residents struggling to get into the housing market. On Monday, Langford announced a $3 million Attainable Home Ownership program, which will pay up to 75% of a 5% down-payment for a two-bedroom condo in the city.
“It’s tough for young families to get into the market, even in Langford,” Mayor Stew Young said in a news release.
The amount of funding available is based on gross annual household income. Families with incomes less than $99,999 receive 75%, while those between $100,000 and $115,000 receive 50%. Households with incomes up to $125,000 receive 25%.
The two-bedroom condos are being offered at a set purchase price of $450,000.
“This program comes at the height of a major housing crisis across the region and will assist those Langford families who could afford a mortgage payment but are struggling to save the amount necessary for a down payment," Young told CHEK News. "We want to see more Langford residents in a position where they can purchase their own home.”