Sask. Housing turning over 10 vacant homes in Regina's North Central for rent-to-own program

Renters in Regina's North Central neighbourhood will soon have the chance to become home owners thanks to a deal signed between a First Nations housing company, the province and the city.

The Saskatchewan Housing Corporation (SHC) is transferring ownership of 10 vacant homes in North Central to the Silver Sage Housing Corporation, a non-profit organization that provides affordable housing to First Nations people.

The homes will be part of a rent-to-own program managed by Silver Sage.

"We've always been pushed into that social housing box, so this is one of those first steps we're taking to do it different, to start owning without always having to be renters," said Natashia Bastien, CEO of Silver Sage.

Silver Sage, the City of Regina andthe province signed a memorandum of understanding on Monday to develop a framework for the rent-to-own program.

Bastien said details on the application process are still being worked out, but people will need a minimum household income of $50,000 to apply. She said the homes, which are all in the North Central neighbourhood,could be available in as soon as three months.

Bastien said Silver Sage will act as a holding corporation and put the successful applicant's monthly housing payments toward equity in the home.

After 15 years of payments, people willown the homes.

Alternatively, they can take their equity out after 10 years and Silver Sage will find another buyer for the home.

Bastien said the program will help people build wealth through home ownership,something many people in her community haven't experienced.

"Growing up we didn't know home ownership. That knowledge and those opportunities aren't necessarily available to us."

Because the homes are provided free of charge to Silver Sage from SHC, potential homeowners will not be at the mercy of fluctuating interest rates, Bastien said.

According to the 2021Census of Population, Indigenous people are more likely than non-Indigenous people to live in inadequate housing.

About two years ago, Silver Sage surveyed its tenants and asked how many were interested in home ownership.

More than 90 per cent were, Bastien said,butmany didn't know how to navigate the real estate market.

The tenants also noted they were unsure how to access financing, down payments andthe legal process of purchasing a home.

As a result of that survey, Silver Sage has partnered with local professionals including lawyers, bankers and real estate agents who are volunteering their time to host seminars on different topics related to home ownership, includingmaintenance and insurance.

Home ownership path to building wealth: Chief, mayor

Silver Sage board chair andFile Hills Qu'Appelle Tribal Council Tribal Chief Jeremy Fourhorns said the ability to own a home instead of renting will help residents build wealth.

"A lot of us find that success because we have a stable place to go back to," Fourhorns said.

"The money we put into it is actually putting toward our own future and we're not putting towardsomeone else's future, say if we're renting the place."

Gene Makowsky, Minister Responsible for the SHC, said the province will cover any upgrades needed tothe vacant homes.

Mayor Sandra Masters said the rent-to-own program is an essential step to helping revitalize North Central, alongsidecleaning up properties. In 2023the City of Regina demolished 23 of 177 boarded up properties.

"[Home ownership] is the pathway to build wealth. If you have a community that hasn't been provided a pathway to home ownership you have locked them out of building wealth."