First Home Finance workshop
In the CHDM Executive boardroom, CHDM, together with the Department of Human Settlements, hosted a First Home Finance workshop to further explain how the housing subsidy works and guide community members on how to apply.
The purpose of the workshop was to break down “WHAT IS FIRST HOME FINANCE?” — a once-off housing subsidy developed by the Department of Human Settlements to create sustainable and affordable first-time home-ownership opportunities for South African citizens and legal permanent residents. The programme specifically targets low to middle-income households earning between R3 501 and R22 000 per month, often referred to as the ‘gap market’. These are families who earn too much to qualify for a government-subsidized basic house, but too little to access a bank mortgage. The subsidy is offered on a sliding scale, meaning the lower your household income, the higher your subsidy. A household earning R3 501 can qualify for a maximum subsidy of R169 265, while a household earning R22 000 can qualify for R38 911. The goal is to help qualifying beneficiaries buy or build their homes at an affordable cost and expand access to homeownership across Chris Hani.
There will be further engagements with the local municipalities on how to assist the community members with their applications.
AffordableHousing
