Zurich Citizens News, 1975-08-28, Page 17Page 18 - Zurich Citizens News, August 28, 1975
A FUN CLOWN- Balancing oneself took a lot of practice in this air-filled tent on
Saturday at the Bean Festival. The monstrous mattress was great fun to jump on, dive
into and fall on. An added feature of this attraction was that it was dry inside.
New policy o
A major policy change that
will put the "full ownership"
concept back into the Home
Ownership Made Easy
(H'.O.M.E) Plan was announc-
ed this week by Housing Min-
ister Donald R. Irvine.
At present qualified famil-
ies 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 cont-
inue to be an integral part of
the program, said Mr. Irvine.
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
HOME plan
and interest 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.
"The original intent of the
H.O.M.E. Plan was to enable
moderate -income families to
purchase their houses and the
land," said Mr. Irvine.
"At one stage, the market
value of the land was deter-
mined at the time families
signed 50 -year leases and
they were permitted to buy
the land after five years at
that price."
However, the possibility
of windfall profits on the part
(dor oUALII1ry//'/Z/ZZ///Z/V/
that CCOSTS YOU LESLS1 o IWI re
BYE -THE -SEA
Light Meat Tuna
SHIRRIFF' S
Scalloped `'"atatoes
19 OZ
Utopia Tomatoes
WHITE or PINK
Facial Tissues
9 OZ
Erin Raspberry Jam
190;
Van Camps eans
FRENCH'S 16 OZ
Prepared Mustard
SUPREME 1 LB JAR
Peanut Butter
19 OZ TIN
5
79
49g
55
55
49
45 ;
79
Green Valley Peas 35(
ALLEN'S 4's
Orange Crystals 99
SUPREME BRAND,
Garbage Bags ' 79s
Cooking Onions LB 29
LUCKY DOLLAR FOOD MARKET
PHONE 236-4316 ZURICH
of the house purchaser led
to a change in regulations on
June 22, 1973. Since then,
families continue 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 this option,
rather than at the time they
signed a lease.
Despite the price stabiliz-
ing effect of the land specul-
ation tax, some families are
beginning to wonder if they
will ever be able to buy the
land outright, primarily be-
cause of' the increasing gap
between government cost and
market value," he said.
"These new arrangements
will enable us to put the full
ownership concept back into
the H.O.M.E. Plan."
Under this new policy, the
origin21 H.O.M.E. purchas-
er will acquire title to the land
and buildings, subject to mort-
gages, at the full market
value. It will, no longer be
necessary to restrict the re-
sale of the house and there-
fore existing controls on resale
wll be discontinued.
Families who are presently
leasing their lots may continue
to do so if they wish. However,
they will have the option of
replacing the present leasing
arrangements 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 H.O.M.E.
Plan or OHC's Tenant Purch-
ase Program which also has
a lot rental component.
for
Norm
-Koehler
Fri., Aug. 29
8:30 p.m:
ZURICH
Everyone Welcome
Time to seed new lawns
The best season for seeding
new lawns is in late August
and early September when the
heat of summer is past.
During this period, new grass
seedlings have time to become
well established before wint-
er, explains D.B. McNeil,
Ontario Ministry of Agricult-
ure and Food horticulturist.
Good soil is essential for
a lush lawn. Mr. McNeill
recommends four to six inches
or more of loam topsoil,
with well -rotted manure or
compost worked into it one or
two weeks before seeding, at
the rate of one to two cubic
yards for each 1000 square
feet of soil. A high phosphate
fertilizer should also be
applied before leveling, pack-
ing and seeding. This will help
rapid germination of seeds so
the lawn will be established
quickly, .
Make sure your new fawn
will be well drained. There
should be no depressions into
which grass seed could be
washed, or where ice (which
can smother grass) could
form.
A newly seeded lawn
should be kept moist. Mr.
McNeill recommends a mulch
of straw, peat moss or burlap
be put on the lawn to hold
the moisture if it cannot be
watered regularly.
To help you
furnish a
student's room
or apartment
with practical
inexpensive furniture
7 PIECE
Includes Chesterfield, Chair, Swivel Rocker, Foot
Stool, Two End Tables and Coffee Table.
AS IOW
AS
New Shipment - Wide Variety
8TR. APES
H
2 Only - Colonial Wing Back
ROCKI
IRSSAVE $30 5
CHAIS
WE ALSO HAVE .. .
e Student Desks and Chairs ® Unfi ished.
Furniture Studio Couches a Book Cases
Kitchen Suites for the econ y tiny minded
We Accept Trade -Ins
HITING'S
Warehouse Furniture and Appliances
Unlimited (New and Used) Sales & Service
Antiques & Things
MAIN ST. 235-1964 EXETER
•