Mayor Valerie Plante announces program to help Montreal families buy homes
On Wednesday, April 11, at 11:30 am, Mayor Valerie Plante and Vice President of the Executive Committee Magda Popeanu announced a new residential acquisition support program. The program is meant to help more Montrealers acquire property, especially for families.
Plante explains that while it’s great news that Montreal is booming economically, “the value of homes [are] also growing significantly.” The new program is to help “avoid the exodus of families” and help those “who wish to settle in Montreal and become owners.”
Pour éviter l’exode des familles, mon administration a décidé de se donner les moyens de les retenir et de les appuyer davantage afin qu’elles s’établissent à Montréal. #polmtl
— Valérie Plante (@Val_Plante) April 11, 2018
The development of a large city requires an inclusive approach. This is how the big cities are doing it around the globe, and this is how we chose to do it here, in Montreal. #polmtl
— Valérie Plante (@Val_Plante) April 11, 2018
The two announced that their new Residential Acquisition Support Program has an annual reserve budget of $21.2 million. Plante stresses that the new program is “simpler, more efficient, more generous, and more flexible than the current program,” giving the city the ability to help more households.
Plus simple, plus efficace, plus généreux et plus flexible que le programme actuel, il permettra d’aider un plus grand nombre de ménages et d’offrir une plus grande aide. #polmtl pic.twitter.com/WrM37vPQZb
— Valérie Plante (@Val_Plante) April 11, 2018
According to a statement, the number of families assisted by the program will increase dramatically. In 2017, the program managed to give aid to approximately 700 households. The revamp will help reach more than 3,500 households per year.
Plante also notes that “the city of Montreal has never offered such a strong support program over the last 30 years.” Applications for the program will open on June 1, 2018.
Les acquisitions admissibles au nouveau Programme devront être effectuées à partir du 1er mai 2018. Il sera possible de faire une demande à compter du 1er juin 2018. #polmtl pic.twitter.com/laU6goxj6C
— Valérie Plante (@Val_Plante) April 11, 2018
The specifics of the program have not yet been announced. More details to follow.
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