Allston
/ Brighton
Pilot mortgage program
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The cost of renting and owning in Allston-Brighton makes it
difficult for families to stay in the area. A solution to this
problem is the creation of the Allston Brighton pilot mortgage
program, Gonzalez said.
The program works by helping families that earn up to 80 percent
of the median income afford to buy homes. There are two parts
to this program. The first is for families with incomes between
80 percent and 100 percent of the median. These families will
receive subsidies.
The second part of the proposal is to give families with incomes
up to 100 percent of the median purchase buy-down assistance,
the deposit that secures the property. The CDC is hoping the
City of Boston will fund the subsidies and private institutions
will fund the buy-down assistance.
“It’s
impossible to live here.”
-Juan Gonzalez, director of community organizing for the
Allston Brighton CDC.
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In total, it is proposed that families will receive $25,000
in subsidies and $100,000 in buy-down assistance.
Families that have lived in the neighborhood for more than
ten years are looking to purchase but can’t afford
it, Gonzalez said.
“People are dreaming about buying here,” Gonzalez
said.
The
proximity to downtown and the accessible transportation make
this neighborhood
attractive. It’s a diverse neighborhood
that has many things to offer, but the cost of owning makes
it hard for families, he said.
The non-profit organization hopes the Pilot Mortgage Program
helps more families stay in the community. If not, a lot of
people end up moving to Providence, Gonzalez said.
While
a two-bedroom apartment on average costs close to $1,400
a
month, it’s nearly $500 less in Providence, a good
incentive for families to put up with the 45-minute commute,
he said.
“It’s impossible to live here,” Gonzalez
said.
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