YELLOWKNIFE (July 23) The Northwest Territories Housing Corporation will provide affordable homeownership under the Expanded Downpayment Assistance Program (EDAP) for up to 189 families in Yellowknife over the next five years.

The Expanded Downpayment Assistance Program (EDAP) assists families in purchasing homes through conventional financing by providing down payment or loan assistance, based on a sliding scale, geared to income.

Minister Responsible for the Northwest Territories Housing Corporation Roger Allen says the NWT Housing Corporation will broaden its criteria for EDAP client selection in Yellowknife beginning in mid-August.

"There is a severe housing shortage in Yellowknife right now. We are addressing this problem head-on," Mr. Allen said. "This initiative will work to provide more families with an opportunity to own homes while increasing the availability of public housing units to low-income clients."

For applicants who meet the criteria, first priority will be given to existing tenants in subsidized rental housing units and then to applicants who have been on the waiting list for subsidized rental housing for a continuous period of over one past year.

"The housing crisis in Yellowknife requires a quick and decisive response," Mr. Allen noted.