Homeownership Within Reach
The Ch’ich’iyúy affordable homeownership model offers:
- Housing peace of mind
- Below-market flexible down payments
- Affordable monthly payments
- Long-term equity building
The model is designed for ongoing affordability with monthly housing costs capped based on a resident’s gross monthly income.
Eligibility
Ch’ich’iyúy is prioritizing Urban Indigenous Peoples
Qualified buyers must:
- Fall within the minimum and maximum income range for desired suite format (Studio, loft, 1, or 2- Bedroom)
- Obtain financing through a qualified lender (bank, credit union etc.)
- Provide the minimum down payment at time of signing and meet a flexible payment schedule by move-in date
- Agree to all property terms as outlined during signing meeting
You do not have to be Indigenous to purchase a unit; however, priority will be given to Indigenous buyers.
Monthly costs
An innovative new ownership model designed for affordability with monthly housing costs based on resident’s gross monthly income.
- Buyers own 30% or 50% of their home
- Aboriginal Land Trust owns the balance of the home which is leased to the owner
An owner’s monthly housing costs include:
- Monthly lease payment to the Aboriginal Land Trust
- A mortgage payment to the owner’s lender
Total monthly costs would not exceed 30% of buyer's gross household income at time of purchase.
