By Nick Gilbert
Four Saskatoon condominium projects are getting $38 million in financing through the medium of the HeadStart on a Home program.
The Government of Saskatchewan is providing the funds for the four developments, which total 258 entry-level homes. Construction has started on Blairmore Landing, a 75-unit project in Saskatoon, and the project has obtained a $9.2-million financing under the HeadStart program.
Three more Saskatoon developments will also receive financing through the HeadStart program. The 60-unit Stonebridge Villas will receive $9.9 million; the 84-unit Hartford Crossing will get $12.3 million; and the 39-unit Coad Crossing will receive $6.7 million through the program.
Blairmore Landing, coming up at 710 and 714 Hart Road, will include two four-story apartment buildings with 75 single- and double-bedroom units. Prices of apartment units will range between $138,500 and $217,900. A second phase of two new buildings is also under consideration. The development is scheduled to be completed in January 2013.
June Draude, Social Services Minister and Minister accountable for Saskatchewan Housing Corporation, said that the Blairmore Landing project was the first one to get approval under the HeadStart program.
On behalf of developers and builders, municipalities may request the loans. Through the Federal Immigrant Investor Program, $200 million is available for the HeadStart program. The Federal Immigrant Investor Program will flow through Westcap’s Saskatchewan Immigrant Investor Fund.
HeadStart on a Home will fund the development of at least 1,000 entry-level homes in five years. Westcap is collaborating with Saskatchewan credit unions to manage Headstart on a Home to assure communities located across Saskatchewan get opportunity to be part of this program.