How To Reach Us Our Vision: NHC Qikiqtaaluk District Office P.O. BOX 155 Cape Dorset, NU X0A 0C0 Phone: Fax: To ensure families and individuals in Nunavut have access to a range of affordable housing options. 867.897.3665 867.897.3669 Our Mission: NHC Kitikmeot District Office P.O. Box 110 Cambridge Bay, NU X0B 0C0 Phone: Fax: 867.983.2276 867.983.2278 To provide opportunities for all residents of Nunavut to have homes that support a healthy, secure, independent and dignified lifestyle through working with our communities to allow them to assume the role of providing housing to Nunavummiut. kNK7u w[loEp3Jx4f5 Nunavut Housing Corporation Nunavutmi Igluliriyiryuarkut Société d’habitation du Nunavut Nunavut Housing Corporation (NHC) N U NAVU T D OW NPAY ME N T A SS IS TA N CE P RO G RA M (N DA P ) NHC Kivalliq District Office P.O. Box 540 Arviat, NU X0C 0E0 Phone: Fax: 867.857.8700 867.857.4005 NHC Headquarters - Arviat PO Box 480 ARVIAT, NU X0C 0E0 Phone: 867. 857 . 3000 Fax: 867. 857 . 3040 NHC Directorate - Iqaluit 1553 Federal Rd. 2nd Floor PO Box 1000, Station 1400 IQALUIT, NU X0A 0H0 Phone: 867. 975 . 7200 Fax: 867. 975 . 4194 Other NHC Homeownership Programs include: The Home Renovation Program (HRP) The Heating Oil Tank Replacement Program (HOTRP) The Senior Citizen Home Repair Program (SCHRP) The Emergency Repair Program (ERP) The Seniors and Disabled Persons Preventative Maintenance Program (SDPPMP) The Tenant-to-Owner Program (TOP) The Interim Financing Program (IFP) Please contact the NHC District Office in your region for an application form and additional program information or go to www.nunavuthousing.ca to download an application form. ᑖᓐᓇ ᑕᑯᔭᒃᓴᑯᓗᒃ ᐊᓕᓚᔪᖅ ᒪᓂᒪᑎᑕᐅᖕᒥᔪᖅ ᐃᓄᒃᑎᑑᖓᓪᓗᓂ Una makpiraaq piinarialik Innuinaqtun Cette brochure est disponible en français NUNAVUT DOWNPAYMENT ASSISTANCE PROGRAM (NDAP) NDAP is a program offered by the Nunavut Housing Corporation (NHC) to assist residents of Nunavut in becoming homeowners by providing a contribution towards a downpayment of an existing home or construction of a new home. Prospective homeowners are expected to finance the remainder of the cost through a private lender (usually a bank) and must obtain mortgage approval prior to NDAP approval. The NHC’s contribution towards the downpayment is based on 7.5% of the purchase price, to a maximum purchase price of $400,000. The maximum assistance available is $30,000. (7.5% X $400,000). Prospective homeowners must also contribute towards the downpayment and their contribution must equal at least 2.5% of the purchase price. For properties in excess of $400,000, the client’s equity contribution must be increased proportionately so that the total down payment equals 10% of the purchase price. Approved applicants purchasing a house costing more than $400,000 will receive the maximum assistance amount of $30,000. The downpayment assistance from the NHC is offered as a 10-year forgivable loan with no forgiveness earned in the first 5 years. This means that if the house is sold or vacated within the first 5 years, the NDAP loan (plus interest?) must be repaid in full. If the house is sold or vacated after 5 years (and before 10 years?) the *** . After 10 years, *** INSERT/DEFINE 10 YR FORGIVABLE LOAN. NDAP Eligibility Criteria Applicant & Co-applicant - NHC considers that any assistance provided to the client and his/her partner is provided jointly to both partners and requires that both applicant and co-applicant information be included on the application. Income Eligibility Threshold - The com- 4. Neither applicant can have received previous assistance from the NHC to buy or build a home within the last 10 years. 5. Both applicants must not currently own residential property or have owned residential property in the community in which they are applying for NDAP during the last 5 years. bined income limit for NDAP is $125,000, however, the limit is adjusted upwards based on family size. See Adjusted Income Eligibility Threshold. 6. Both applicants cannot have arrears with the NHC or any Local Housing Organization in Nunavut. Adjusted Income Eligibility Threshold – Application Procedure The income eligibility threshold is adjusted upward in increments of $6,500: one increment for a spouse, and one increment for each dependent child (under X age or student etc ?). Adjusted Income - The income of applicants is adjusted downward by the amount of any Northern Allowance, Settlement Allowance, Isolated Post Allowance, or any other cost-of-living allowance provided by employers, and/or Vacation Travel Assistance with the exception of housing or household allowances. Eligibility rules for Applicants and Coapplicants 1. The combined adjusted income of the applicants must fall below the NHC’s Adjusted Income Eligibility Threshold for their household. 2. Both applicants must be residents of Nunavut at time of application. Please contact the NHC District Office in your region or visit www.nunavuthousing.ca to obtain an application form and additional program information. Note: Please allow sufficient processing time for NHC to review your application. Applications will be reviewed for eligibility and affordability requirements. NDAP application approvals are subject to funding availability. We’re here to help?. NHC Staff at your District Office will be pleased to answer questions about the NDAP program and application process. Disclaimer: The information provided in this brochure gives only a general description of the NDAP program. Please contact your NHC District Office or visit www.nunavuthousing.ca for complete details. 3. Both applicants must occupy the home as a principal residence for the entire term of the loan. www.nunavuthousing.ca