50 eligible households in Peel Region will receive a collective $2.5 million in funding as part of the BlackNorth Initiative, regional councillors approved earlier this month.
At the last regular Regional Council meeting on Oct. 14, representatives heard from Isaac Olowolafe, Housing Committee Chair and Mwarigha, Housing Committee Member, BlackNorth Initiative, who provided an overview of the BlackNorth organization and the Homeownership Bridge Program initiative.
The delegates stated that the program will create a fund that leverages government grants and philanthropic donations to facilitate homeownership through a second mortgage and is designed to assist families with household incomes as low as $65,000 enabling them to build equity.
The delegates compared the opportunities that could be created for working, lower-income families, through homeownership versus the limitations of renting. Regional Council passed a resolution approving the one-time grant under the BlackNorth Initiative Homeownership Bridge Program.
The grant will be funded from the 2021 Housing Support operating budget with no net financial impact to the region.
