PEAK is an assistance program designed to help middle-income families and individuals purchase their first home. PEAK is the acronym for Public, Essential And Key workforce. The PEAK Program was initially introduced in 2009 to provide an affordable home ownership option for our work force who were unable to save up enough money for a down payment on their first home.
PEAK began as a joint program between Trico, the Government of Alberta Municipal Affairs, CMHC and Habitat for Humanity. Trico provided the financial assistance for a down payment and allocated housing units in three multi-family projects; Alberta Municipal Affairs provided equity funding and a five-year mortgage subsidy; CMHC provided a reduction in mortgage insurance and surcharges; and Habitat was responsible for administering the program.
PEAK housing units are priced at market value and the purchasers must qualify for and hold a mortgage.
The PEAK Program has resulted in a number of positive
outcomes to date.
PEAK recipients are able to build and retain their home equity for their future.
If and when a PEAK homeowner decides to sell their home, they are only required to return the initial PEAK down payment amount and are free to retain all of the equity they have built.
The PEAK Program is able to sustain itself into the future through recirculating deposits to new recipients upon the sale of existing PEAK housing units.
PEAK has helped 111 individuals and families purchase a home of their own. PEAK also provides a means to retain vital Public, Essential And Key workers in our city. The high cost of housing in Calgary results in many trained professionals looking to re-locate to find more affordable housing opportunities leaving Calgary with a shortage of skilled workers.
PEAK recipients are able to build and retain their home equity for their future.
If and when a PEAK homeowner decides to sell their home, they are only required to return the initial PEAK down payment amount and are free to retain all of the equity they have built.
PEAK housing units are priced at market value and recipients must be able to qualify for and hold a mortgage. Once you are approved for the program, PEAK will provide a second mortgage for either a partial or full down payment up to a maximum of 5% of the purchase price.
The second down payment mortgage is interest free for the first five years, with repayment not due until you sell your home. If you choose to stay in the home beyond the five-year period you will begin to accrue interest to the second mortgage.
The best part about it is that PEAK recipients are able to retain all of the equity in their home, minus their initial deposit, if they stay in the home for at least three years.
The goal of PEAK is to help new home buyers enter the market, retain their equity to move up, and to continue to recirculate the initial fund to help additional first time buyers purchase a home.
PEAK housing units are priced at market value and recipients must be able to qualify for and hold a mortgage. Once you are approved for the program, PEAK will provide a second mortgage for either a partial or full down payment up to a maximum of 5% of the purchase price.
The second down payment mortgage is interest free for the first five years, with repayment not due until you sell your home. If you choose to stay in the home beyond the five-year period you will begin to accrue interest to the second mortgage.
The best part about it is that PEAK recipients are able to retain all of the equity in their home, minus their initial deposit, if they stay in the home for at least three years.
The goal of PEAK is to help new home buyers enter the market, retain their equity to move up, and to continue to recirculate the initial fund to help additional first time buyers purchase a home.