Affordable Home Ownership Program
Donation protected
In my many years working and raising kids, I have found the biggest factor that has played a role in our lives and the lives of those around me is safe, secure, affordable housing. As a social worker, I have studied and seen the impacts of housing in my work. My vision is to create an affordable home ownership program in my community, where we have a 1% vacancy rate, and affordability is a challenge. I have a plan, a tested model, a budget, and the experience of working in not-for-profits, to be successful, and I look forward to you joining me in this exciting opportunity to create life changing opportunities for hardworking individuals and families. I look forward to hearing from you about how housing has made a positive impact in your life.
Proposal for Affordable Home Ownership Program in Kelowna:
The reasons: Kelowna is an amazing community. It is filled with hardworking individuals who take care of the locals and visitors alike. However, often, they are paid lower wages, and charged higher rents, just for the luxury of staying in the community. We call it the sunshine tax. The present housing market does not provide an adequate affordable housing supply to meet the needs of the community. It also does not provide an adequate supply of affordable home ownership opportunities. Singles, couples and families, who would love to enjoy the benefits of home ownership cannot meet the financial criteria to be able to afford homes in this community, due to low pay, and high market rates. There is a market for a plan to provide affordable home ownership in this community. There are a number of ways to open up the housing market to lower income individuals in the community, and the benefits of home ownership are known to be remarkable. There are a number of models of affordable home ownership programs in Canada and around the globe. One model, a shared ownership model, has been found to be an effective way to help people into the home ownership market in other countries. It is time to create something similar in Kelowna. The impact of this opportunity on an individual or their family is profound, financially, emotionally, and socially. This program could be operated here in the community of Kelowna and be an amazing success, creating more opportunities for homes, changing lives one at a time, allowing people into the housing market who otherwise would not be able to afford it.
The Benefits:
The benefits of home ownership:
Build equity — your wealth will increase as you gain more home equity
Gain tax advantages — The interest and property tax portion of your mortgage payment is a tax deduction.
Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent
Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home
Greater privacy. People feel more secure.
Allows for pet companionship – known to be a positive factor in a healthy life.
Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime
Homes typically increase in value - Therefore a person’s net worth increases with home ownership.
Build’s self esteem – sense of accomplishment
Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
Children of parents who own, have increased net worth and a better start financially.
There’s pride in homeownership, which also closely ties you to your community.
Reduces the pressure on the rental market.
The Cost:
What we are trying to do: The goal is to create more affordable home ownership in the community. This can only happen through either a dramatic shift in the housing market, or a program that supports individuals in achieving the goal. A similar not for profit program started with the donation of 5 homes, and some fundraising. An estimated budget is attached. As you look at the budget, note that in time, with 18 homes, the program is self-sustaining, and actually begins to make a small profit, which can then in turn, be used to purchase more homes, removing the need for fundraising. Its an exceptional concept, that could have a huge impact on our community and even open up the rental market for people who can not afford to buy. In time, there would even be an opportunity to help poorer individuals become homeowners. The cost is reasonable to change lives.
What we are looking for:
We are looking for people who are excited about helping people in a new way in our community. If you see yourself as a community leader, who is inspired by the idea of helping individuals and families get a hand up in our community, we would love to hear from you.
Our list of opportunities includes:
Donation of houses
Fundraising for the operation of the program
Raising community awareness and inspiration
Participation on a board that would manage the not for profit.
Inspiring others to become involved
A little about me:
I Kimberly Stanyer, am the lead on this program. My work experience in the community has provided me with an excellent understanding of housing issues, and how they might be addressed. I have a number of years in program management with not-for-profits and am familiar with the housing market in Kelowna. I have a strong belief in home ownership, and am excited about the possibility of getting this program operating in our community.
For more information, contact Kimberly Stanyer
Proposal for Affordable Home Ownership Program in Kelowna:
The reasons: Kelowna is an amazing community. It is filled with hardworking individuals who take care of the locals and visitors alike. However, often, they are paid lower wages, and charged higher rents, just for the luxury of staying in the community. We call it the sunshine tax. The present housing market does not provide an adequate affordable housing supply to meet the needs of the community. It also does not provide an adequate supply of affordable home ownership opportunities. Singles, couples and families, who would love to enjoy the benefits of home ownership cannot meet the financial criteria to be able to afford homes in this community, due to low pay, and high market rates. There is a market for a plan to provide affordable home ownership in this community. There are a number of ways to open up the housing market to lower income individuals in the community, and the benefits of home ownership are known to be remarkable. There are a number of models of affordable home ownership programs in Canada and around the globe. One model, a shared ownership model, has been found to be an effective way to help people into the home ownership market in other countries. It is time to create something similar in Kelowna. The impact of this opportunity on an individual or their family is profound, financially, emotionally, and socially. This program could be operated here in the community of Kelowna and be an amazing success, creating more opportunities for homes, changing lives one at a time, allowing people into the housing market who otherwise would not be able to afford it.
The Benefits:
The benefits of home ownership:
Build equity — your wealth will increase as you gain more home equity
Gain tax advantages — The interest and property tax portion of your mortgage payment is a tax deduction.
Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent
Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home
Greater privacy. People feel more secure.
Allows for pet companionship – known to be a positive factor in a healthy life.
Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime
Homes typically increase in value - Therefore a person’s net worth increases with home ownership.
Build’s self esteem – sense of accomplishment
Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
Children of parents who own, have increased net worth and a better start financially.
There’s pride in homeownership, which also closely ties you to your community.
Reduces the pressure on the rental market.
The Cost:
What we are trying to do: The goal is to create more affordable home ownership in the community. This can only happen through either a dramatic shift in the housing market, or a program that supports individuals in achieving the goal. A similar not for profit program started with the donation of 5 homes, and some fundraising. An estimated budget is attached. As you look at the budget, note that in time, with 18 homes, the program is self-sustaining, and actually begins to make a small profit, which can then in turn, be used to purchase more homes, removing the need for fundraising. Its an exceptional concept, that could have a huge impact on our community and even open up the rental market for people who can not afford to buy. In time, there would even be an opportunity to help poorer individuals become homeowners. The cost is reasonable to change lives.
What we are looking for:
We are looking for people who are excited about helping people in a new way in our community. If you see yourself as a community leader, who is inspired by the idea of helping individuals and families get a hand up in our community, we would love to hear from you.
Our list of opportunities includes:
Donation of houses
Fundraising for the operation of the program
Raising community awareness and inspiration
Participation on a board that would manage the not for profit.
Inspiring others to become involved
A little about me:
I Kimberly Stanyer, am the lead on this program. My work experience in the community has provided me with an excellent understanding of housing issues, and how they might be addressed. I have a number of years in program management with not-for-profits and am familiar with the housing market in Kelowna. I have a strong belief in home ownership, and am excited about the possibility of getting this program operating in our community.
For more information, contact Kimberly Stanyer
Organizer
Grateful Heart
Organizer
Kelowna, BC
