The Homeownership Entry Level Program (HELP) provided by Housing NWT is no longer being offered and will be replaced by the Homeownership Initiative Program (HIP).
The Homeownership Entry Level Program, launched in 2007, aimed to facilitate the transition of tenants from public housing to homeownership by allowing them to take on homeownership responsibilities prior to purchasing a home. Housing NWT (HNWT) provided leased units to qualified tenants who paid subsidized rent and shelter costs. Upon completing a six-month lease, tenants became eligible for an equity contribution of up to $20,000. This equity was accessible for up to four years, provided the tenant maintained good standing. After this period, the equity contribution offer expired. The tenants could use this equity to pay for their HELP unit or purchase a unit on the open market, with a mortgage from a financial institution covering the remaining home cost.
Eleanor Young, President and CEO of Housing NWT, has stated that many of the earlier tenants of the HELP program have successfully transitioned to homeownership. A small number of clients remain in the program, and HNWT is committed to assisting them in determining their future steps. Young says Housing NWT staff will consult with these clients to discuss their options, which will vary based on their eligibility for the Homeownership Incentive Program, public housing, or market housing. The HIP is available to qualified HELP and public housing tenants residing in detached units. These clients sign a forgivable loan agreement with Housing NWT, which aids in the transition to owning the unit they inhabit. Clients with a home value up to $250,000 are eligible for a three-year forgivable loan, while those with a home value between $250,001 and $500,000 are eligible for a five-year agreement.
