New Langford grant offers payment support for new homebuyers

New condominium project under construction in Langford’s Belmont area: (CTV News)

Victoria -

The City of Langford has launched a new program to help its residents move from renting a home to owning one.

The West Shore community is offering down payment assistance under its new "Attainable Home Ownership Program."

The program will provide a grant to Langford residents who have lived in the city for at least two years – and who have a combined family annual income of less than $125,000.

The grant will help new owners secure up to 75 per cent of the required five per cent down payment needed to qualify for a mortgage on a two-bedroom condo with a set purchase price of $450,000.

The home ownership program is funded by contributions made by developers to Langford's housing affordability fund, according to the municipality.

Langford Mayor Stew Young says the fund, which currently sits at more than $3 million, will help roughly 250 families own a home in Langford.

"It's getting Langford residents that are working out here into a home to raise their family, and it's a starting point," Young told CTV News on Tuesday.

"They can buy a single-family home on their own later on as their circumstances change, but getting into the market is a really important first step and we're trying to help that along," he said.

The city is accepting expressions of interest from qualified buyers now, with applications for the grants opening in January.

Further details on the grant and on eligibility requirements can be found on the City of Langford's website.