Options for Homes celebrates official opening of 341 affordable housing unit project

March 23rd, 2015 by Iler Campbell

Options for Homes celebrated the official opening of their Cranbrook Village condo project on Friday. The building, just north of Bathurst St. and Lawrence Ave. is comprised of 341 units which thanks to Option’s innovative financing model were sold for significantly below market value.

City councillor, Ana Bailão and Member of Parliment, Adam Vaughan were present to celebrate. The City of Toronto contributed funds to make 94 of the building’s units even more affordable. Vaughan lamented on Twitter that the federal government was not a funder of the project and had actually made money from it.

Options’ innovative model provides loans to condo purchasers to boost their down payment by 13% or more of the purchase price. The loan is repayable as an equivalent percentage of the sale price when the condo is sold. Those proceeds then go towards the construction of more affordable housing.

We’ve had the great fortune to be partners with Options from their very beginning.

Read more about Options in our profile of them. Check out what Anna Bailão had to say about the event here and catch up on Adam Vaughan’s tweets (including a picture of Shelina and Brian) here.

Filed in: Firm News

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