Housing Loan Program The Six Nations Housing Department developed this specific loan process for the purpose of assisting Band Members in obtaining housing loans for new or additional construction purpose - ON RESERVE. For this loan program the Housing Office acts an agent for the borrower throughout the construction process. In other words, all payments that are made to contractors are made through the Housing Office. By doing this, the Housing Department can utilize a series of inspections to ensure the construction is in accordance to Building Codes and meets the required Housing regulations. The Inspections are conducted by the Housing Inspector in a minimum series of six stages. If any problems do arise in the construction process they are to be corrected before the funds are released to the contractor. The Front Lobby Area of the Six Nations Council Housing Department where all initial intakes of Loan Applications will occur IMPORTANT INFORMATION The maximum Housing Loan that is available is $120,000.00. Loans have maximum amortization period of 25 years and are charged simple interest calculated at 7% per year. Loans are NOT given to applicants who presently own a house and are seeking a loan to pay down an existing Loan/Mortgage. All applicants are subject to a credit check, prior to their loan approval. To avoid the Housing list waiting period, the applicant should consider applying for the Approved Lender Loan Program. This Program provides band members with the opportunity to by-pass the waiting list and obtains the required financing through their lender (BANK). See the Approved Lender Loan Pamphlet for more information. UP FOR A HOUSING LOAN? When an applicant's name reaches the top of their respective waiting list they will be contacted by the Housing Office. The applicant will only be contacted once and they must respond and identify if they will proceed or not. If the applicant decides to proceed they are required to obtain 5 detailed sets of the blueprints. Additionally, the applicant is required to own a minimum of one acre of land if the land is not on a piped sewage line. The proceeding applicant is also required to make a 5% downpayment (2.5% is cash and 2.5% is allowed as sweat equity) on the total loan amount. If their construction cost are greater than the loan amount they are required pay the additional cost in advanced to Six Nations Housing. Six Nations Housing will control and monitor all cash disbursements, with payments being made at the direction of the borrower. All applicants must'complete a "cost estimate" form which will outline the costs of construction, required to bring the unit to Housing's definition of complete. Finally, once the loan has been approved, the applicant is required to sign a transfer of land title to the Six Nations Band, this land will be held as "security" until the loan has been repaid. Go Back To Housing Department Housing Department - Location Housing Deparment Location: Chiefswood Rd. and Bicentennial Trail Physical Address: 67 Bicentennial Trail P.O. Box 62 Ohsweken ON N0A 1M0 Housing Department - Business Hours Housing Deparment Business Hours: 8:30 am to 4:30 pm Monday - Friday Housing Department - Contacts Housing Phone Number ............. 519-445-2235 Housing Fax Number ................. 519 445-2778

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