Green change - Home Makeover Magazine

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�� Columbia Restorations is bringing honesty, integrity and quality to the home renovation market. We offer a full range of services: Kitchens Bathrooms <strong>Home</strong> Improvements Tenant Improvements Basement Conversions �� and consultation. 604-574-1580 www.columbiarestorations.ca �� BCSLA www.pacifi calandscapes.com A DIVISION OF BCLNA Awards of Excellence Toll Free:1-866-538-5577 Local Calls: 604-538-5577 ® BC Mainland �� A must-read, must-keep resource for Lower Mainland and Whistler homeowners planning home renovations. �� • POOL DECKS • DRIVEWAYS • SIDEWALKS • PATIOS • INDOOR FLOORS See our gallery at www.sierrastone.ca Email: sierra@allstream.net Quality Products & Service At Affordable Prices Call now for a free in-home consultation www.westsidewindows.ca 604-261-8875 [P] 604 599 4274 (HARI) 1 877 599 4274 (HARI) www.haristoneslimited.com 13042 84th Avenue Surrey BC, V3W 1L2 604-952-0505 Come to our showroom at: 2370 West 41st Avenue,Vancouver, BC Define your style with Hari Stone Explore the timeless design and natural beauty of over 350 colours and styles of granite, marble, limestone, travertine, slate and onyx. ®
MAKEOVER MONEY Cash-strapped homeowners tap into federal funds By Frank O’Brien It is an anomaly, more stark in Vancouver than anywhere else in the country: low-income owners living in million-dollar homes. The median family income in the city is slightly above $54,000, but the typical detached house was worth $930,000 as of April 1, reports the Real Estate Board of Greater Vancouver. Plunk down even a hefty down payment on a dream home, and your monthly mortgage costs are about equal to the gross national product of an emerging nation. According to a study by RBC Financial, “the cost for a standard detached bungalow in Vancouver requires 70.1 per cent of household income.” For many in Vancouver, therefore, the pride of owning a million dollars worth of real estate is tempered with the fact that they must maintain it, let alone attempt to improve it. Sure, there are second mortgages and lines of credit, but some owners, particularly older people, want to add as little debt as possible on top of their housing costs. That is why it is important that the elderly, and working homeowners making a below-average income, know about any government help they can get for home repairs and medications. Fresh money released this year from the federal government under its residential rehabilitation assistance program (RRAP), which offers grants for home repairs, is worth checking out. Forgiveable loans Nationally, a total of $384 million is available through Canada Mortgage and Housing Corporation (CMHC) for the programs over the next three years. There are some caveats with the assistance, which can total up to $16,000 per applicant in the Vancouver area. First of all, the applicant’s total household income must be below a maximum level as established by CMHC, which ranges from $27,500 to $43,500. Also, the house must be at least five years old and must be substandard and in need of repairs in at least one of the following areas: � Structural � Electrical � Plumbing � Heating � Fire Safety � Work to reduce overcrowding may also qualify. Under the program, repairs fall under two categories: mandatory repairs and eligible repairs. In order to receive assistance though, the mandatory repairs must be completed. Forgivable assistance is provided for these repairs, which means the money will not have to be repaid. The maximum amount of forgivable assistance in urban areas is $16,000, but this increases to $19,000 for the northern part of Canada. The forgiveness available is based on a homeowner’s total household family income. The homeowner is expected to own and occupy the home during this time. How to get the money The process of approval for the RRAP program is as follows: � A CMHC housing loans officer and ��
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