An innovative and unique program has been launched to support Indigenous first-time home buyers in Alberta.
The program was launched by Backwoods Energy Services, one of the largest Indigenous-owned businesses in Canada, and is believed to be the province’s first program that provides financial support to Indigenous employees seeking to purchase their first home.
“Indigenous people often face unique barriers when it comes to purchasing a home,” said Paul Poscente, President and CEO, Backwoods, in a news release. “For many people, their home is their largest asset, and it’s our belief that by helping our employees attain home ownership we can impact their lives for the better.”
It’s the first time a private business has partnered with the Canada Mortgage and Housing Corporation on a housing program for Indigenous employees in Alberta.
“This program is certain to help make home ownership more accessible and we are pleased to contribute our expertise to Backwoods and lend our support,” said Nicole Church, Senior Manager, Indigenous and Northern Housing Solutions Alberta, Northwest Territories, Nunavut and Yukon, for the CMHC.
The Home Ownership Program for Indigenous Employees offers online training, support enrolling in an RRSP program and significant down payment contributions to a maximum of $20,000 per participant. Ultimately this program will ease access to the assets and credit facilities required during the path to home ownership.
Backwoods, which is based out of Edmonton, has partnered with the CMHC, First Nations Bank of Canada, and Capital Region Housing to provide one-on-one support for participants throughout the program and to develop a comprehensive list of courses, reading materials, tools and financial calculators.
Backwoods will also match Indigenous employees’ RRSP savings to a maximum of $10,000 per employee and offer an additional $2,000 per year of employment to a maximum of $10,000.
“First Nations Bank of Canada remains focused on meeting the financial needs and services required of Indigenous communities to enhance the lives of their members,” said Leigh Solomon, VP Retail Banking, First Nations Bank of Canada. “With this project being consistent with that, we are proud to play a role in making this happen.”
Mario Toneguzzi is a business reporter in Calgary.
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