Feature Neighbourhood Update
““This first-of-its-kind initiative on Vancouver Island will help hard-working residents use a portion of their rent towards the purchase of a home at a future date.”
– Mayor Stewart Young
City of Langford
In our Mar/Apr 2019 issue, we showcased how Belmont’s new Rental Rewards Program could assist prospective home owners save for a new home at Belmont Residences, while renting at The Crossing. The program applies 25% of monthly rent towards the purchase of a Belmont Residences home—up to a maximum of 5% of the home’s value. If you were intrigued about how this new rent-to-own tool could help you, things just got better.
The City of Langford recently announced that it will be supporting this program with a rebate of up to $5,000 to reduce your deposit payment even further! Following an initial three-month trial period, the City will consider amending its affordable housing policy to enable similar initiatives on a wider basis across Langford.
This partnership between a new housing development and the City is the first of its kind on Vancouver Island and will serve as a test case, prior to possible roll out in other developments.