A home is more than a place to live – it's also a cornerstone of financial security and provides significant stability for families from today through to tomorrow. For the working poor, owning a home seems downright impossible. Existing government home buyer and tax credit programs are out of reach for low-income earners, and in major cities like Toronto where home prices are so high, there isn't nearly enough affordable housing to meet the demand. SEDI is in the process of designing a national demonstration project called that will give low-income Canadians a place to turn. By putting money aside in an Individual Development Account (IDA), participants can build their personal savings and earn a credit for a matching amount. The savings don't have to be big, as long as they are consistent. Bit by bit, enough money is saved to put a down payment on a home. SEDI is currently working in partnership with community groups, financial partners and government agencies to get this project started.

In May 2004 SEDI was contracted by CMHC to commence the design phase of the pilot project.  With interest from both the public and private sector, including the Provincial Government of Nova Scotia, Saskatchewan, and Manitoba as well as from the Cities of Hamilton (Hamilton Community Housing), City of Toronto (Toronto Community Housing Corporation and the Regent Park redevelopment), Cities of Regina, Saskatoon, Montreal, Fredericton and Halifax, various financial institutions and as well as both national and international agencies, SEDI is fuelled to enter into this critical start-up phase of this important project.

Visit this page again soon for updates. For more information in the meantime, contact Barbara Gosse at bgosse@sedi.org