BILL NO. 461
(as introduced)
1st Session, 64th General Assembly
Nova Scotia
2 Charles III, 2024
Private Member's Bill
Down Payment Assistance for First-time Homebuyers Act
Claudia Chender
Dartmouth South
First Reading: September 5, 2024
Second Reading:
Third Reading:
An Act Respecting
the Down Payment Assistance Program
1 This Act may be cited as the Down Payment Assistance for First-time Homebuyers Act.
2 Subject to Section 3, the Minister of Municipal Affairs and Housing shall, with respect to the Down Payment Assistance Program,
(a) increase the maximum loan amount to 10 per cent of the purchase price of an eligible property;
(b) extend the repayment period to 25 years;
(c) conduct an annual review of the maximum purchase price eligibility to ensure the program reflects changes in the market; and
(d) conduct a review of loan forgiveness options.
3 The money required for the purpose of this Act must be paid out of money appropriated for that purpose by the Legislature.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2024 Crown in right of Nova Scotia. Created September 5, 2024. Send comments to legc.office@novascotia.ca.
