Band Unveils On-Reserve Home Ownership Plan
Thursday, June 09, 2005 at 15:29
The Lac La Ronge Indian Band’s new on-reserve home ownership loan program was officially launched today.
The band has become the first on the Prairies to take advantage of the BMO Bank of Montreal’s on-reserve housing loan program.
The band provides a one-time financial grant to eligible individuals to help them get loans for the construction or purchase of owner-occupied, single family dwellings.
Members who qualify for a mortgage with the bank are able to access a $5,000 grant from the band — as well as a $15,000 short-term loan, repayable to the band over 10 years.
Conventional mortgage financing through the bank would provide the rest of the money they need.
To date, more than 50 members have submitted loan applications for either new construction or renovations.
Bank spokesman Ron Jamieson says reserves in other parts of the country are responding to the program enthusiastically, noting that 18 other First Nations already have similar programs set up through the bank.
The project was made possible through a $1.7-million contribution from Indian Affairs, as well as financial support from the BMO Bank of Montreal.