Changes at "Rent to Own Support (draft)"

• +Rent to Own Support (draft)

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  Background and context (including, if applicable, where this idea came from):
  Rent to own is a pathway for residents who are both historically and currently priced out of the market and discriminated against by lenders to access homeownership. It allows renters to live in an affordable unit, build equity, and eventually purchase the unit. A city-run program would avoid the predatory model of rent-to-own that some private lenders have used on the past.

  Boston's Housing Innovation Lab is running a pilot program and running into some challenges. We propose working through these challenges and allotting real resources to the program. Boston Neighborhood Community Land Trust has been part of the pilot.

  This idea was mentioned at the assembly, and taken up at our first Housing Working Group meeting.

  Proposal (including what specifically the money would be spent on):
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  Program research & development, including community participation in program design

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  • Development of financial tools

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• Provision of financial planning & homeownership classes to renters in the program

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• Identification / designation of existing affordable units eligible for the program

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  Construction or acquisition of new affordable units for the program?

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  • unsure if this belongs here

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Proposal cost:
type your answer here

City Department that would implement it (if known):
Mayor's Office of Housing - more specific?

People’s Budget values (for reference):

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• Self-determination: We know what our communities need and we have the right to decide for ourselves.

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• Transparency: We move with honesty and openness so everyone can see how decisions are made.

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• Care: We keep each other safe through care / by meeting needs, not punishment.

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• Solidarity: We show up for each other. None of us are free unless all of us are free!

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• Community Wisdom: The people most affected by decisions should lead.

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• Well-being: We deserve more than survival. Everyone should have what they need to live abundant, joyful lives.

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Reminder: Residents will be asked to consider how proposals align with these values when you vote at the assembly on March 14 and to vote for proposals that align with the values.

How does this proposal align with the People’s Budget values?

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• Well-being

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• Transparency

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• Community wisdom

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