Mayor Labeaume Promises House-Buyer Assistance if Re-Elected

Mayor Labeaume Promises House-Buyer Assistance if Re-Elected

Régis Labeaume promised Monday to help young families in the middle class to buy a first home in Quebec.

The outgoing mayor said that if he is re-elected, Quebec City will implement in 2014 a program to help parents under 40 who earn less than 80,000$ per year and would like to buy a first home. To help them, the city will sell land it owns to developers on which will be built of type row houses for young families, costing between 200,000$ and 250,000$.

The price “will be a requirement for the developer,” said Mr. Labeaume on Monday.

With the profits made on the sale of lands, the city will help families buy property by paying all or part of their down payment.

The municipality will incur a second rank mortgage on the house and require the repayment of the loan only when the house is resold.

“We’re helping them start financially in life ,” said Mr. Labeaume , who pointed out that it is often difficult for these families to raise the 20,000$ down payment for a 200,000$ house.

“We rarely think of those people. We want families to downtown,” said Mr. Labeaume.

The city hopes to build 500 houses for young families within five years. Lands targeted for the moment are in the green housing development of Pointe-aux- Lièvres in Limoilou, rue Anick in Beauport, rue Monseigneur Plessis in Vanier, and rue Martel in Loretteville.

These lands are located near schools, parks, bike paths and public transit.

If the measure is popular and the market allows for it, Labeaume said the city could sell other lands. The leader of Équipe Labeaume believes the program will bring value to the city and it does not create market distortions. “We create income, because these people will be paying taxes from the moment they enter their new home ,” he said.

The mayor wants to limit urban sprawl and allow families to settle in the city rather than Donnacona or Pont-Rouge.

……………………………………………………………….. Staff Writer

Categories: News
Tags: housing, labeaume

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