It sounded too good to be true. When Tyler Nixon heard from a friend in March that for only a few thousand down he could buy a new condo in a growing northwest Calgary neighbourhood, he was "sure it was a scam."
On Thursday, the 24-yearold Nixon and his brideto-be Laura Kapteyn join a crowd of supporters and media at the site of their under-construction home in Beacon Heights.
Although they've turned from skeptics into believers, their delighted expressions read like they still can't quite believe their good fortune.
"We thought we'd be renting for years," says Kapteyn, 28, as she looks to the construction workers hammering on the first of four buildings that will make up the 258-unit complex called TREO.
"To get a break like this is incredible. Now we can start thinking about having a family a lot sooner."
The program that the soon-to-be-marrieds stumbled upon is through Attainable Homes Calgary Corp., a non-profit program run by the City of Calgary and formed in late 2009.
The program, modelled on successful ones in Europe and the United States, works to address the affordability gap for far too many prospective homeowners.
It received startup funding of $1 million each from the city and the province.
"It is not tax-funded," says Attainable Homes executive director Sharon McCormick, adding "the long-term plan is for it to be self-sustaining."
For those who qualify for a mortgage and meet the program requirements, it offers down payment assistance along with attainable pricing for high-quality, entry-level homes.
The equity of the contri buted land serves as part of the down payment; the home owners will return that portion once they sell the unit at market price, through a shared-equity model.
Such affordability is made possible, says McCormick, by pooling land with the private sector.
"People like Tyler and Laura are just who this program was made for," she says. "They're people who contribute greatly to this city, but because of their income level find themselves locked out of the housing market."
With their household income falling into the $53,000 to $80,000 range, Nixon and Kapteyn are a world away from qualifying for low-income programs.
But in the crazy housing market in Calgary, it's often not enough to save for a down payment.
"We were thinking it would take years to save for a down payment," says Nixon, son of Pat Nixon, the founder of the Mustard Seed Ministry, who with his wife works at the Centre Street Church. "It's a frustrating situation because you know the rent you're paying is almost the same as a mortgage."
As they unveil the new project, the organizers also talk about another development, this one in Deer Ridge that involves refurbishment of existing townhouses.
They use such slogans as "special pricing only until June 15" as part of the sales pitch. One thing they're glaringly vague on, though, is just how they select among prospective applicants.
That's because it's an issue they have yet to face. I quickly suss out -thanks to a whisper or two from on-site sources-that this is the best-kept secret in town. The applications have been only trickling in (37 have applied online), partly due to the fact many do believe it's too good to be true.
Just to let Calgarians know it's not a scam, but one of the best deals going in one of the most expensive real estate markets in North America, the organization has set up this official launch under a white tent on the construction site, bringing along partners like Wally Stewart, construction manager of Cidex Developments, and Mayor Naheed Nenshi to vouch for its legitimacy. "This is too good," says the mayor, "but not too good to be true.
"We have a lot of people in the city who are working people, young families, singles," says the mayor, who adds that the program is part of an overall plan to address the housing needs of various income groups in the city.
"This is a real opportunity for them to get into home ownership, he says, noting that if successful, the city might consider contributing more land, but "we won't put more cash in."
So, what if this publicity results in a flood of applications, far outnumbering the available units in Beacon Heights and Deer Ridge?
McCormick says that more interest will result in more projects, thanks to the organization's business model.
"Any money made will be reinvested into the program," she says.
Which, when you add it all up, does sound too good to be true. Then again, less than six weeks ago Nixon and Kapteyn thought it would be years before they'd ever own their own home.
"That's our place on the end," says Kapteyn, pointing to a unit with a view of the countryside.
"Our windows are already in."
vfortney@calgaryherald.com
Source http://www.calgaryherald.com/
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