The Homeownership Bridge Program (HBP) helps working black families like yours become
homeowners, empowering you to build security, stability, equity, and the opportunity to make life
better for yourselves, your children, and generations to come.
Minimum requirements
• You or any member of your household, self-identify as black.
• You are the parent or legal guardian of at least one child under the age of 16.
• You are a Canadian citizen or permanent resident.
• You are a first-time homebuyer currently renting.
• You are employed full-time or full-time equivalent.
• Have worked in Canada for more than 3 years.
• Have a gross household income between $65,000 and $90,000. Supplemental sources of income (Child Tax Benefit, Employment Insurance, Child Support, etc.), may or may not be included and will be considered on a case by case basis.
• Income requirements and size of units vary by project. So, while you may meet our minimum eligibility program requirements listed on the website, your income or family composition may not meet the requirements for units currently available.
Partnership requirements
HBP families become partners in our work and need to
complete the following to support the program and
become empowered homeowners:
500 hours of community volunteer hours.
Act as a program ambassador when requested by
sharing your homeownership journey with the public. Ongoing participation in Social Impact Study. Attendance and completion of our Homeowner
Education Program including topics on but not limited to:
- Orientation and Ambassador
- Legal Relationships
- Financial Planning and Management
- Condominium Information
- Move-In and Warranty
How we make homeownership affordable
Families approved for the HBP receive support to purchase a home.
Our program makes homes affordable by requiring no down payment and a two-mortgage model:
Our program makes homes affordable by requiring no down payment and a two-mortgage model:
1
The first mortgage is supplied by
a conventional lender, such as a
bank or credit union and is
provided at market interest rates.
2
The second silent mortgage is provided by BNI Homeownership Bridge Program and its partners and is the difference between the purchase price of the home and the first mortgage. Families will begin paying this second mortgage after the first mortgage is paid in full.
How HBP families build wealth
Families approved for the HBP enter into a shared equity agreement, meaning families and the HBP purchase the home together and share its value. When families make their mortgage payments on their first mortgage, they are building their equity. Families also build equity by earning appreciation (growth in value) on their share (first mortgage). The appreciation families earned is fixed at 2% annually. When families make their monthly payments, which are geared to their incomes, they are enabled to build wealth.
Please apply here if you meet these minimum requirements and are interested in exploring affordable homeownership options.
Please apply here if you meet these minimum requirements and are interested in exploring affordable homeownership options.
Background
BlackNorth Initiative in partnership with Habitat for Humanity GTA and Dream Legacy Foundation has designed the HBP as both a symbolic and a practical approach of mobilizing all levels of society working together to eliminate systemic racism. The HBP is an affordable housing solution that responds to an economic and racial inclusion problem.
Homeownership has enabled generations of Canadians to build equity to start businesses, support children’s post-secondary education, provide for retirement and transfer wealth to children, however, the Black community has been left out.
In Toronto, housing is highly racialized:
75% of residents who identify as white have a higher than
average income an d are homeowners
while 69% of residents who identify as racialized, have lower income, and rent their houses.
I Homeownership has become completely out of reach for
the average Torontonian.
In 1990, the price of a family-sized home was 4x-4.5x the
average income. Today, a family-sized home accounts for 15x-16x of the average income.
200 New Black Homeowners By 2027
The initial focus of the HBP is on the GTA, but our vision is national. The program has been
designed to be scaled and replicated in other centres in need of affordable housing
options across Canada. In the GTA, our goal is to create 200 new Black homeowners by
2027, contingent on funding and real estate partnerships.
Brought to you by
In partnership with Habitat for Humanity GTA & Empowered by Dream Legacy Foundation
In partnership with Habitat For Humanity GTA & Empowered by Dream Legacy Foundation
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