The territorial government has launched the second intake of the Home Ownership Loan Program to support Yukoners with buying or building a home.

The program, launched in 2020, was initially open for rural properties only.

Changes were made in April 2023 to include applications from Whitehorse residents to help address the growing need for safe, affordable and stable housing.

The Home Ownership Loan Program can be combined with Good Energy rebates on renovations and upgrades to make homes more energy-efficient.

“Our government is guided by the belief that every Yukoner should have a place to call home,” Premier Ranj Pillai said Wednesday. He is also the minister responsible for Yukon Housing Corp.

“The Yukon Home Ownership Loan Program is already helping eligible Yukoners build or buy a home, and our government is proud to support them in achieving this goal,” Pillai added.

“I’m pleased that we were able to expand this program to include applications from Whitehorse residents, and hope that Yukoners will continue to take advantage of these supports.”

Interested applicants are encouraged to contact the housing corporation to discuss their project prior to applying.

Email ykhouse@yukon.ca or phone 667-5759 or toll-free in the Yukon 1-800-661-0408, extension 5759.

Applications can be submitted until 4:30 p.m. Sept. 5.

“We heard from Yukoners that they needed help accessing loans to build a house no matter where they lived,” said Lane Tredger, the NDP critic for housing.

“That’s why the Yukon NDP included the expansion of this program in our Confidence and Supply agreement with the Liberals (signed last Jan. 31).

“We’re proud that this change will increase access to home ownership for those who don’t qualify for a bank loan.”

The Home Ownership Loan Program was originally entitled Rural Home Ownership Program.

The amortization period to pay back the loan is up to 30 years in five-year terms.

The interest rate is one per cent below the average posted five-year mortgage rate at the major chartered banks.

To be eligible, an applicant must:

• be a Yukon resident for at least 90 days;

• be building or buying a home for their primary residence in the Yukon;

• fall within the housing corporation’s debt-to-loan ratios;

• have had their build or buy application declined by a bank;

• have a 2.5 per cent down payment and closing costs; and

• be building or buying a new home on titled lots or First Nations land.

Eligible applicants have up to two years to complete the construction of their home.