Changes at "Homebuyer Financial Assistance (Draft)"

• +Homebuyer Financial Assistance (Draft)

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  Background and context (including, if applicable, where this idea came from):
  Homeownership is hard to access in Boston, especially for BIPOC and low- to moderate-income people who have been priced out of the market and discriminated against by lenders. The city provides financial assistance for homebuyers through several programs, but the barriers remain high, so we propose expanding access and funding for these programs. This idea came up both at the Assembly and our first Housing Working Group meeting.

  Proposal (including what specifically the money would be spent on):
  First-Time Homebuyer Program - Provides grants toward down payments for homebuyers who earn below 135% of the Area Median Income. Possible areas for improvement: increasing the amount of each grant (currently they pay 3% of the total home price, capped at $50,000 for buyers who earn less than 100% AMI and 2% for those who earn up to 135% AMI), the number of grants available, and the outreach (need to find out more about current status).

  ONE+Boston Homebuyer Program - Offers the lowest fixed interest rates available for a 30-year mortgage plus access to downpayment and closing-cost assistance. Possible area for improvement: funding the program more to allow more eligibility for moderate-income buyers?

  Proposal cost:
  type your answer here

  City Department that would implement it (if known):
  Mayor's Office of Housing (and Boston Home Center)

  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?
type your answer here