City-Led Home Ownership Assistance: Building Inclusive Neighborhoods
Municipalities are taking proactive steps to promote affordable homeownership through targeted assistance programs. For example, the City of Toronto's Home Ownership Assistance Program (HOAP) supports the development of new non-profit affordable and attainable homeownership options for low- and moderate-income households. The program works by providing relief from development charges, permit fees, and even offering loan funding and land contributions.
HOAP operates through partnerships with both non-profit and private sector developers, ensuring that new homes are built for those who need them most. By increasing the supply of affordable homes and improving housing affordability, these city-led initiatives help foster complete, inclusive communities.
Such programs not only make homeownership possible for more families but also support local economic development and encourage investment in neighborhoods that might otherwise be overlooked. By working in partnership with higher levels of government and the private sector, cities are helping to close the homeownership gap and create vibrant, diverse communities.