Allston / Brighton

Pilot mortgage program
-page 3 Lamplough-

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.

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.

-Page 4 Counseling and Support-

More Stories

Allston/Brighton Home
1) High Rent
2) Renting in Allston

3)Non Profit

  -Affordable Housing
-Pilot Mortgage Progam
-Counseling and Support

Links

Allston/Brighton CDC Website
Mass Legal Help Website

 

 

 

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