Calgary AB – The Alberta Real Estate Association (AREA) and its 10,000 REALTOR® members across the province are welcoming the provincial government’s introduction of Bill 5: Seniors’ Home Adaptation and Repair Act as a critical step in affording more seniors the opportunity to age within the comfort of their homes.
Bill 5, introduced by Minister of Housing and Seniors Lori Sigurdson, will create a low-interest home equity loan program allowing seniors who qualify to finance essential repairs and adaptations to keep them safe at home. Examples include widening doorways or hallways, installing walk-in tubs, and electrical repairs.
“Through their work with thousands of consumers each year, REALTORS® understand the value Albertans place on homeownership. Supporting opportunities for seniors to live at home as long as possible and maintain their quality of life is the right thing to do,” says Ian Burns, AREA’s Chief Executive Officer.
“AREA is pleased to see the introduction of legislation which offers that support to more seniors than ever before.”
The government’s proposed program will offer a maximum home equity loan of $40,000 to seniors meeting income and home equity thresholds. If passed, the Seniors’ Home Adaptation and Repair program will be effective July 1, 2016.
The bill is being co-sponsored by Edmonton-McClung MLA Lorne Dach, who had a 30-year career as a REALTOR® before being elected to the Legislature, as well as Edmonton-Meadowlark MLA Jon Carson.
The Alberta Real Estate Association (AREA) represents more than 10,000 REALTORS® and 10 real estate boards province-wide. AREA’s vision is to deliver world-class leadership that positively shapes the Alberta real estate profession, enhances member professionalism, and reinforces the value REALTORS® deliver to both buyers and sellers.