Frequently Asked Questions

  • No. The Alberta Alive Condominiums are not eligible for PHB’s downpayment assistance programs. However, IDA funds can be used if you have them. 

  • Your mortgage will ultimately be determined by your interest rate and down payment amount.

    Based on a sale price of approximately $299,000, a minimum down payment of $500, an interest rate of 6.25%, and a 30-year term, the estimated base mortgage (before utilities, insurance, property taxes, HOA fees, and the ground lease fee) is approximately $1,837.92 per month. Your actual mortgage will depend on your final interest rate and down payment amount.

  • In addition to your base mortgage, you’ll be responsible for the monthly HOA fee, ground lease fee, annual property taxes for your home, homeowners’ insurance, mortgage insurance (if applicable), your personal monthly utilities, and internet services. 

    Homeowners Association (HOA) Fees

    The estimated HOA fee will be $240 per month for the first year following project completion. Beginning in the second year, the fee is anticipated to increase to $406 per month to ensure adequate reserve fund levels.

    The HOA fee will cover:

    ·       Building insurance coverage & HOA liability insurance

    ·       Replacement reserve funds

    ·       Property maintenance costs

    ·       HOA management fees

    ·       Trash

    Ground Lease Fee

    In addition to the HOA fee, homeowners will pay a monthly ground lease fee of $51.50 to Proud Ground. This brings the estimated monthly total to $291.50 in year one (HOA fee + ground lease fee), increasing to $457.50 in year two as the HOA fee rises to $406 per month.

    Outside of this fee you will be responsible for annual property taxes for your home, homeowners’ insurance, mortgage insurance (if applicable), your personal monthly utilities, and internet services. 

  • A reserve fund is money set aside, from your HOA fees, for future repairs and replacement of shared building components. Funding reserves today helps avoid unexpected costs and special assessments in the future.

    Examples of common elements, that reserves can cover the maintenance costs of, include:

    • Roof replacement

    • Exterior siding and painting

    • Gutters and downspouts

    • Parking lot asphalt

    • Sidewalk concrete

    • Mailboxes

    • Exterior lighting

    • Landscaping and site improvements

    • Building inspections

    • And any other building system maintained by the HOA

  • The Alberta Alive Condominiums are part of Proud Ground’s Community Land Trust (CLT), which helps keep homes affordable for future generations.

    Under the CLT model, homeowners own the home while leasing the land beneath it through a long-term renewable ground lease. As an owner of a unit in the Alberta Alive Condominiums development, you will own your condominium but not the land it sits on. This approach lowers the purchase price and preserves affordability over time.

  • ‍ Yes. Homeowners may sell their home at any time in accordance with Proud Ground’s resale guidelines. The Community Land Trust (CLT) model is a limited-equity model, which balances wealth-building opportunities for homeowners with long-term affordability for future buyers.

    ‍ When you sell your home, you’ll receive 25% of the appraised increase in value. Similarly, if the home decreases in value, your share of the loss is limited to 25% of the appraised decrease in value. This model helps homeowners build equity while ensuring that the home remains affordable for future generations.

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    Please refer to Proud Ground’s FAQ for additional information.

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  • Homes within this development must be used as the homeowner’s primary residence. If the home remains your primary residence, individual rooms in the home may be rented out; however, the home may not be used as a hotel or vacation rental. Any rental must comply with Proud Ground’s ground lease terms and the Association’s governing documents.

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    Your Area Median Income (AMI) is determined based on your gross annual household income and household size.

    Please use PHB’s AMI calculator to determine your household’s Area Median Income.

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