HomeMy WebLinkAboutThe Wingham Advance-Times, 1975-09-11, Page 20Page S—The Wingham Advance -Times, 'Thursday, Sept. 11, 1975
Minister announces policy
to put 'own' in HOME plan
A major policy change that will
put the "full ownership" concept
back into the Home Ownership
Made Easy (HOME) Plan was
announced by Housing Minister
Donald R. Irvine.
At present qualified families
may purchase houses and rent
lots with options to buy at the end
of five years at the then current
market value. In the future they
will purchase both house and
land.
But low down payments, a
minimum of five per cent of the
house price, will continue to be an
integral part of the program, Mr.
Irvine said.
Future purchasers will assume
a first mortgage to cover 95 per
cent of the house price, and a
second mortgage: covering the
market value of the land, with
principal and ipterest charges on
the second mortgage based only
on the cost of the serviced land to
the government.
If a resale takes place within 35
years of the original purchase,
Ontario Housing Corporation
may allow the second buyer to
assume, the total outstanding
second mortgage. However,
interest payments would be
based on the full amount of
principal ' outstanding on the
second mortgage.
"The original intent of the
HOME Plan was to enable
moderate-ipcome families to
purchase their houses and the
,land," Mr. Irvine said.
"At one stage, the market
value of the land was determined
at the time families signed 59 -
year leases and they were per-
mitted to buy the land after five
years at that price."
However, the possibility of
windfall profits on the part of the
house purchaser led to a change
in regulations on June 22, 1973, he
said. Since then, families con-
tinue to have the option of buying
lots at any time after five years
— but at a price based on the
market value at the time they
exercise,Tthis option, rather than
at the time they signed a lease.
"Despite the price stabilizing
Sffect of the land speculation tax,
ome families are beginning to
wonder if they will ever be able to
buy the land outright, primarily
because of the increasing gap
between government cost and
market value," he said.
"These new arrangements will
enable us to put the full owner-
ship concept back into the ROM
Plan.".
Under this new policy, the
original HOME purchaser will
acquire title to the land and'
builngs, subject to mortgages,
at the full Market value. It will no
longer be necessary to restrict
the resale of the house and there*
fore existing controls on resale,
will be discontinued.
Families who are presently
leasing their lots may continue to
do so if they wish. However, they
will lave the option of replacing
the present leasing arrange-
ments with a deed and mortgage
in accordance with this new
policy.
Letters detailing the policy
change have been sent to each
individual family - leasing land
under the HOME Plan or OHC's
Tenant Purchase Program
which, also has a lot rental EVERYONE KNOWS how hard it is to keep still for long
component. . periods of time, especially children. So this grade two class
exercised away their reserve energy whoa school started
last week,
MAPLE LEAF—Boneless
EAL ROAST
The Wingham Advance -Times, Thursday, Sept. iU, 1975
.MAPLE LEAF
IENERS,
SCHNEIDER'S--Slic.d
N, /,1�:: ir:}�;�f I"•..ff1f :' •�'•'r};�n;::: r :.::.: :... ..
•
Schn.ider's—Soft
P1ZZA
COOKED MEAT
Round
9 •
Schneider's
Maple Loaf—Sweet Pickled
Square
9 5
•
WIENERS
Mapl., L.af
COOKED MEAT
CANADA NO. 1 PRESIDENT
Schn.id.r's-Country •
SAUSAGE
CANADA NO. 1 HEAD
.'Toli.t Bowl Cleaner
D.Is•y
Bathroom
Tissue
CANADA NO. 1 WAXED
•
Turnips ib. • 1 3
CANADA NO. 1 SMALL COOKING
Onions
. HEINZ—Strained
BAKED GOODIES
Wittich's•
6's 10c OFF
Chocolate Creme Do -Nuts
BABY FOOD
4/. os. .20
JUNIOR FOOD
Cinnamon Butterhorns
6's 20c OFF
.59
Dessert FTopping Mix
LUCKY WHIP
Imperial -100% Vegetable 011
MARGARINE
11 oz. 20c OFF
.65
Corn 011
MAZOLA
CROWN BRAND
Jolly Miller—Lemonade
Flavor Crystals
44119 3 "•
Cat•Ili—Ready Cut
Macaroni in
PHONE357.1020
OPEN FRIDAY EVENINGS UNTIL 9 O'CLOCK
Frozo 2 Ib. Collo
French Fries 2/.73
Blue Water
Fish Fries
pothecary Jar