The GNWT has announced that they will now be more forgiving of debts with Housing NWT’s legacy mortgage program.
Going forward, residents living with Housing NWT mortgages can have their debts forgiven if they meet one of these new criteria:
- They are experiencing severe financial challenges, and have income below the Core Need Income Threshold
- They have paid more than the assessed value of the property, or
- They have paid an amount equal to or greater than the original mortgage principal.
An additional criterion for debt forgiveness is that residents must live in the home that is tied to the mortgage, though this condition may be waived in special circumstances.
Jane Weyallon Armstrong, a Member of the Legislative…