Home Buyer Grant Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-75-24/FullText.html

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Home Buyer Grant Regulations

SOR/75-24APPROPRIATION ACTS
APPROPRIATION ACT NO. 4, 1974
Registration 1974-12-24
Regulations Prescribing the Terms and Conditions in Respect of Home Buyer Grants
P.C. 1974-2881 1974-12-20His Excellency the Governor General in Council, on the recommendation of the Minister of State for Urban Affairs, pursuant to Vote 12b in the schedule to Appropriation Act, No. 4, 1974, is pleased hereby to make the annexed Regulations prescribing the terms and conditions in respect of home buyer grants.Short Title

1 These Regulations may be cited as the Home Buyer Grant Regulations.

Interpretation

2 In these Regulations,

Corporation
Corporation means Central Mortgage and Housing Corporation; (Société)
grant
grant means an amount calculated in accordance with section 6 of these Regulations; (subvention)
housing unit

housing unit means

(a) a unit providing therein living, sleeping, eating, food preparation and sanitary facilities for one family, with or without other essential facilities shared with other family housing units and includes a house intended for human habitation comprising not more than two family housing units; and
(b) a bounded space in a building designated or described as a separate unit on a registered condominium or strata lot plan or description or similar plan or description registered pursuant to the laws of a province, and intended for human habitation, and includes any interest in land appertaining to ownership of the unit. (logement)

Application of Regulations

3 These Regulations apply to any individual who at no time prior to November 1, 1974 owned, or whose spouse at no time prior to that date owned, whether jointly with another person or otherwise, a housing unit in Canada that was used as a principal residence by that individual or his spouse.

Grant

4 Subject to section 5, a grant may be made to an individual if

(a) he has purchased or built a housing unit; or
(b) he is a member of a cooperative housing corporation and has purchased a share of the capital stock of a cooperative housing corporation for the purpose of occupying a housing unit.

Conditions of Grant

5 (1) No grant shall be made to an individual applying therefor unless

(a) the housing unit referred to in section 4 has not been previously occupied and the individual has occupied the housing unit for the first time subsequent to the 31st day of October, 1974;

(b) the individual

(i) has a freehold interest or a right to acquire a freehold interest, or
(ii) has a leasehold interest or a licence having a term of not less than five years

in respect of the land on which the housing unit is located;

(c) the individual produces a building permit or other evidence satisfactory to the Corporation showing that the housing unit complies with the building codes that are in force in respect of the area in which the housing unit is located; and

(d) where the housing unit is a mobile home, the home conforms with the following standards prescribed by the Canadian Standards Association:

(i) CSA Standard Z240.5-1971,
(ii) CSA Standard Z240.1-1972,
(iii) CSA Standard Z240.0-1973,
(iv) CSA Standard Z240.3.1-1973, and
(v) CSA Standard Z240.5.1-1973.

(2) Where the Corporation makes a loan under section 15 of the National Housing Act to a non-profit corporation that is a cooperative association described in paragraph 15.1(1)(b) of that Act toward the capital cost of a housing project of which the housing unit is a part, the amount of the grant shall be applied toward the reduction of the loan.

Amount of Grant

6 The amount of a grant made to an individual under these Regulations in respect of a housing unit shall be

(a) five hundred dollars, where the cost or purchase price of the housing unit does not exceed the minimum amount of the cost or purchase price of a housing unit that the Corporation requires for the purpose of insuring a maximum loan under the National Housing Act; or
(b) five hundred dollars minus one dollar for each dollar by which the cost or purchase price of the housing unit exceeds the minimum amount of the cost or purchase price of a housing unit that the Corporation requires for the purpose of insuring a maximum loan under the National Housing Act.