Calgary, AB,

New income criteria for Attainable Homes, helping families with children in Calgary

Attainable Homes Calgary Corporation (AHCC) announced today new income criteria in an effort to help more families enter the property ladder in Calgary.
As of June 1, 2013, the Attainable Home Ownership Program income criteria will be:
  • Maximum household income of $90,000 per annum for single and dual parent families with dependent children living in the home
  • Maximum household income of $80,000 per annum for singles and couples with no dependent children living in the home.
All households were previously required to have income of $80,300 or less, regardless of family circumstances. By raising it to a high of $90,000 for families, AHCC remains in line with the median family income in Calgary (2010, StatsCanada).
AHCC President and CEO David Watson said the new criteria reflected the additional financial burdens incurred by parents.
“In the rental market, families have to manage increases in rent and moving from time to time, as well as all the regular and unexpected costs of raising children that make it difficult to save. We have found that many families earning just over $80,000 were still struggling to save the down payment required in the ownership market.” 
AHCC has currently sold a total of 240 units; 30% were singles or couples with children.
“We hope our new income criteria will allow us to support more families who are seeking the stability of homeownership,” Watson added.
The organization is also speaking to industry about acquiring more family-friendly units, such as townhomes or two-bedroom apartments.
All other criteria for the Attainable Home Ownership Program remain the same. Home buyers must have assets no greater than $100,000, provide a minimum $2,000 down payment, qualify for a mortgage, attend an education session, and the home must be the buyer’s permanent sole residence.
A guideline to the new income criteria:
Q: How do you define dependent children?
A: Your child must be living with you and relying on you to financially support them. If your child is living independently and earning their own income, you will fall under the same category as singles and couples without children.
Q: Is there a minimum income?
A: There is no minimum income. However, you will have to qualify for a mortgage which requires a moderate income and a decent credit rating.
Q: What happens if my income changes after I move into an attainable home?
A: We don’t want to restrict your earning potential and do not expect you to retain the same income as long as you live in your attainable home. In fact, we hope that homeownership helps to improve your circumstances.
Q: Do you calculate household income before or after taxes?
A: You will be required to report your income before taxes to a lender in order to qualify for a mortgage.
Q: How do you calculate my earnings?
A: We ask you to work directly with the banks and lenders to record your earnings and get mortgage prequalification. We partner with a number of well-respected lenders who are familiar with our program and you can connect with them by completing the ‘Ownership Toolkit’ on our website:
About Attainable Homes Calgary Corporation:
In recent years, the milestone of owning a home has eluded more and more Calgarians. Housing price increases have outpaced the average salary and the cost of renting leaves little room to save for a down payment. Attainable Homes Calgary Corporation (AHCC) is a non-profit organization and wholly owned subsidiary of The City of Calgary that works to deliver well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing affordability gap. We provide three key elements that help make the dream of home ownership a practical reality for moderate-income Calgarians: attractive home prices, forgivable equity loans and a shared appreciation plan that provides homeowners with a financial stake in the equity of their new homes. For more information about the Attainable Home Ownership Program, visit