Home / Business and Economy / Amherst Opens Doors: Affordable Homes with Zero Down Payment
Amherst Opens Doors: Affordable Homes with Zero Down Payment
20 Jan
Summary
- Amherst, N.S. is nearing completion of a new affordable housing community.
- Eligible buyers can purchase homes through shared ownership without a down payment.
- The project received significant funding from provincial, federal, and local sources.
A new affordable housing development in Amherst, Nova Scotia, named The Groves at Hillsdale, is nearing completion and is now accepting applications for homeowners. Twenty-eight homes will be offered under a shared ownership model, a program operated by United Way Maritimes, enabling qualified buyers to purchase a property without requiring a down payment.
Under this model, United Way Maritimes will hold approximately a 30% ownership stake in each unit. This structure helps reduce the overall cost for the buyer, making homeownership more attainable. Prospective homeowners must reside or work in Cumberland County, have an annual household income between $50,000 and $80,000, and secure mortgage approval.
The development also includes 19 rental units, all of which have already been allocated. Renters will have the opportunity to pursue homeownership in the future. The project has garnered significant financial support, with over $4 million from the province, over $2 million from the federal government, $1.7 million from the River Philip Foundation, and nearly $640,000 from the Town of Amherst for infrastructure.
