Boston, Massachusetts 2021-05-04 17:17:56 –
Mayor Kim Janny said today that Boston’s homes will be included in the 2021 Community Protection Act (CPA) funding round based on Boston’s commitment to fairness and stable housing. The Conservation Commission (CPC) has announced that it has awarded $ 5 million.Of the center ONE + Boston First Home Buyer Program.. The ONE + Boston program combines discounts on low interest rate mortgage products with down payment / closing assistance to enhance the ability of first-time income-qualified Boston homebuyers to buy a home in Boston. The ONE + Boston program includes the city’s first affordable mortgage product, specially created for first-time low- and middle-income homebuyers currently living in Boston.
The mayor’s recommendation for a vote on the Community Conservation Fund project slate was approved by the Boston City Council on Wednesday, March 31st. This additional funding creates more homeownership opportunities for low- and middle-income families and families of color. The ONE + Boston program was created by a partnership between the City of Boston, the Massachusetts Housing Partnership (MHP), the Massachusetts Affordable Housing Alliance (MAHA), and several participating banks.
“The ONE + Boston program creates an opportunity for many Boston residents to realize their dream of owning a home,” said Mayor Janey. “We would like to thank the Community Protection Commission for helping us expand the ONE + Boston Home Buying Program for first-time qualified home buyers. Helping families buy homes at lower rates. Will increase the wealth of generations, address income inequality, and pave the way for fairness and wealth in the community. “
Boston City Funds Generated from Community Protection Act Funds Permanent Reduction of Interest Rate on 30-Year Fixed Rate Mortgages, Down Payment / Closure for Income Eligible Residents to Buy First Home in Boston We provide financial support. Lower interest rates mean that new homebuyers can buy larger mortgages with lower monthly payments, but they are still affordable and ultimately increase the purchasing power of new homebuyers. It will be. Currently, five of the participating lenders at the Boston Home Center are the Boston Private Bank, Santander, Cambridge Trust, Citizens Bank, and the Boston City Credit Union, which offer the Boston ONE + program.
Symone Crawford, Director of Home Ownership Education at MAHA, said: “Today, we decided to build that program with Mayor Janey, MHP, and participating banks to help Boston residents buy in Boston and fill the racial homeownership gap. I am excited.”
ONE + Boston was created to boost the purchasing power of first-time homebuyers who earn less than 100% of the Area Median Income (AMI), or $ 95,200 for a two-person household. Homes purchased through this program may have market prices or income restrictions.
“Thanks to the CPA Foundation’s commitment, ONE + Boston will expand its capacity to support middle-income households and people of color,” said Elliot Schmiedl, MHP’s homeowner director. “We are excited to partner with Mayor Jenny and a Boston home improvement store to help more people build wealth through home ownership in Boston.”
Since the rollout of ONE + Boston in June 2020, the Boston Home Center has received and processed more than 240 applications, and more than 70 Boston residents have successfully purchased a new home. Of these new homebuyers, more than 70% of those supported by the ONE + Mortgage Program are colored households, and 60% of new homebuyers are less than 80% of AMIs or 76,200 two-person households. I’m earning dollars.
“As a first-time homebuyer, nothing is more stressful than navigating the homebuying process,” said Gisele Bello, a Roxbury resident who buys a home at Hyde Park. “The ONE + Program and Boston Home Center have provided support, knowledge and funding to help me buy a beautiful new home for my beloved neighborhood family. Helping UrbanEdge throughout this program and the purchasing process. My kids and I are very happy with the results. I can’t thank the Boston Home Center and Mayor Jenny for working on the ONE + program. ”
The ONE + Boston program is one of Boston’s first few urban resources available to homebuyers. Through the Boston Home Center, a one-stop shop for city homebuyers and homeowners, residents buy homes through a range of resources including training, financial support, counseling for first-time homebuyers, and guidance. , Get help with improvement and maintenance. , And funding homeowners for home renovations, and counseling to help families avoid foreclosures. Home improvement stores also sell homes developed for first-time income-qualified homebuyers.
For details on how to apply, please see Visit the ONE + Boston program website..About the Neighborhood Development Bureau (DND)
The Neighboring Development Authority is responsible for accommodating people experiencing homelessness, developing affordable homes, and enabling lessors and homeowners to find, maintain, and stay in their homes. As part of the ongoing coronavirus response, the Department of Housing Stability also conducts tenant rights workshops to educate residents about the eviction moratorium and its rights. The Boston Home Center continues to provide down payment support for first-time homebuyers and home improvement for the elderly and low-income earners. The Assisted Housing Department works with various partners in the city to quickly accommodate individuals experiencing homelessness. For more information, please visit: DND website.About Certified Public Accountants (CPA)
After Boston voters adopted the CPA in November 2016, the city created a community protection fund. The fund will be capitalized primarily at a 1% property tax-based surcharge on the residential and commercial real estate tax bill launched in July 2017. The city will use this revenue to fund initiatives that comply with state-wide CPA guidelines (affordable housing, historic preservation, open spaces). And public recreation. Funding for the project requires a recommendation from the Community Protection Commission and a city budget. For more information, please see. Community protection web page..
Contact department: Neighborhood development
release date: Friday, April 30, 2021-12: 37pm
Community Preservation Committee awards $5 million to ONE+Boston First-Time Homebuyer Program Source link Community Preservation Committee awards $5 million to ONE+Boston First-Time Homebuyer Program