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The New and Improved MCK Housing Program
07/29/2013
The Housing Department of the Mohawk Council of Kahnawà:ke (MCK) is extremely pleased to announce the first phase of a revamp of their Housing Programs designed to better meet the community′s current housing needs. Below are some of the key changes that will make obtaining a mortgage and building a suitable home in today′s housing market more attainable.
- MCK Housing Loans are now up to $150,000 to build a new home
- Minimum down payment 5%
- Re-pay your loan in as little as 5 years or as many as 30 years
- Choice of Weekly, Bi-Weekly or Monthly mortgage payments
- Mortgage Interest rates guaranteed lower than the current market, reviewed periodically to stay that way
- Online payments
- Infrastructure, landscaping, etc… may be part of your loan
- No deadline to apply. Approximately 15 mortgages available in the first year
- Loans given as needed to those who qualify, on a first come, first served basis
Adjustments have also been made for Housing Repair Loans; now borrow up to $25,000 instead of $15,000 at a fixed rate of 6%.
"The original Revolving Loan Fund was created in 1977 and it was a great tool to provide more opportunities for our people to access housing but things needed to be updated to match the current realities," said Alexis Shackleton, Director of Social Development. "It is always great when we can make it easier for Kahnawa′kehró:non to build a suitable home for their families."
These changes are a direct result of community housing survey conducted by the Zarex Business Center in May of this year. A total of 319 participated in the survey revealing overwhelming support to change the current MCK Housing loan program from $75,000 as it currently stands. This is the biggest change to the Revolving Loan Fund since it was created in 1977.
The second phase of changes includes a Rent to Equity program and construction of additional Rental and Social Housing units and is expected to be implemented in 2014.
For more information on the new and improved Housing Program call the MCK Housing Department at 450-638-0500.
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