Home Ownership Alternatives Finances New Affordable Housing Developments in Toronto and Kemptville

October 4, 2010
Home Ownership Alternatives (HOA) announced today its lead investment in two new affordable housing developments and its initial investment in three additional projects. All told HOA hopes to finance the development of more than 800 affordable ownership homes in five cities and towns in Ontario.
“Home Ownership Alternatives is again showing how affordable ownership housing can be delivered successfully and cost effectively,” said Joe Deschênes Smith from HOA. “We’ve been successful because, dollar for dollar, our developments provide the best value for delivering affordable housing.”
HOA made the announcement at an event it hosted in recognition of World Habitat Day, a UN sponsored event where people around the world reflect on the state of human settlements and the basic right to adequate shelter for all.
Newly-appointed Ontario Minister of Municipal Affairs and Housing Rick Bartolucci joined the event at the historic Enoch Turner School House in Toronto.
“We applaud Home Ownership Alternatives’ commitment to affordable housing,” said Rick Bartolucci, Minister of Municipal Affairs and Housing. “You are helping many Ontarians reach their dream of owning their home and start a new chapter in their lives.”
The City of Toronto is contributing $3.5 million for two HOA-financed developments. Home Ownership Alternatives with deliver down payment support to xxx families at the Cranbrook Village development and the East Yorker, an HOA financed project under development by Neighbourhood Concepts (www.neighbourhoodconcepts.ca ).
The lead investments from Home Ownership Alternatives have supported the launch of developments in Kemptville and Toronto. Both projects recently started marketing and sales and construction is slated to begin in the spring of 2011.
• Stanley Fields will become a 124 townhouse community in the south end of Kemptville, a growing community 30 minutes south of Ottawa. The development consultant is Options for Homes Leeds Grenville and the builder is LA Group. Further information is available at www.

• Cranbrook Village is a 340-home development at Bathurst and Lawrence in Toronto. Options for Homes GTA and builder Delterra have designed a truly community building development. .www.optionsforhomes.ca

Home Ownership Alternatives also announced three investments in projects in the initial stages of development located in Kingston, Cambridge and Guelph. HOA has provided financing to secure the sites.
“When we work closely with our development consultants, the builder and governments, that’s when we can really impact affordability. A little help can help middle class families own their first home,” said Joe Deschênes Smith.
Home Ownership Alternatives is a non-profit financial corporation dedicated to financing affordable ownership housing developments and assisting low- and moderate-income families to purchase a new home through the shared appreciation HOA 2nd Mortgage. The HOA 2nd Mortgage improves affordability as it requires no monthly payments, of principal or interest.
With more than 3,000 homes financed over the last 10 years, Home Ownership Alternatives has supported developments where average household income of purchaser families is below $50,000/year. HOA advocates for government policies and programs that increase the supply and affordability of housing.
To find out more about how Home Ownership Alternatives invests in the development of affordable ownership housing, please visit our website at www.hoacorp.ca or email us at mail@hoacorp.ca .

WE ARE HIRING

LA Group is currently looking to fill several positions.


Site Supervisor - must have familiarity with Bulletin 19 and Tarion regulations;
Site Supervisor - must have 5 to 10 years commercial/residential experience;
Construction Project Manager – 5 to 10 years experience;
Construction Foreman – 2 to 5 years experience
Salesperson - must have new home sales experience

Send your resume to: lagroup@lagroup.ca or fax to: 613-271-1801