Affordable Housing for Low-Income Families in the GTA
Toronto-based DUCA Financial Services Credit Union Ltd. launches the Community Hero Mortgage, a first-of-its kind mortgage product that aims to help provide affordable housing for working, low-income families in the GTA. In partnership with Habitat for Humanity Greater Toronto Area, the Community Hero Mortgage contributes a percentage of the interest portion of every Community Hero Mortgage payment to assist in building houses for local families in need of affordable housing.
“We are pleased to introduce the Community Hero Mortgage to new and existing members,” said John Jenner, Vice-President of Marketing, DUCA. “DUCA has a long history of giving back to the community, and at a time where housing in the GTA is becoming increasingly unaffordable, we wanted to find a way to support families who wouldn’t otherwise be able to purchase a home.”
Through the Community Hero Mortgage, DUCA will donate two basis points from the interest portion of each monthly mortgage payment to Habitat for Humanity Greater Toronto Area – up to a total commitment of $500,000 over the next five years – to help fund the construction of new homes for families. Habitat for Humanity GTA then offers a zero down payment, no-interest mortgage capped at 30 percent of a family’s income to help low-income families purchase those homes. DUCA employees will also support the initiative by providing volunteer hours to support the Habitat for Humanity home builds.
Through its social responsibility platform, DUCA invests in opportunities for youth, newcomers and families. Each year, DUCA commits a minimum of 3.5 per cent of its pre-tax profit to donations and community sponsorships, positioning them ahead of the Imagine Canada Caring Company standard of one per cent.
The Community Hero Mortgage offers a competitive five year fixed rate, currently set at 2.44 per cent. In addition, those who purchase the mortgage will receive a Credit Union Home Warranty Program free for six months.