The City of Revere Affordable Housing Trust Fund has officially announced the debut of the Revere Affordable Homeownership Buydown Program (RAHBP), which will offer up to $75,000-$200,000 in support to income-eligible Revere residents seeking to become first-time homebuyers purchasing properties within the City. The purpose of the buydown is to bridge the gap between the market rate of homes in Revere, and what low-to-moderate income residents can afford.
“For too many Revere families, homeownership isn’t a reality in the community where they’ve built their lives, and we want to change that. We are relentless each day crafting new programs to attack the issues residents face with affordability, without passing that burden on our taxpayers,” said Mayor Patrick M. Keefe Jr. “This program is a huge opportunity for our residents. It directly brings down the price of a home so that working families who already live here can stay here.”
Revere residents who are first-time homebuyers, and whose household income is below 120% of Area Median Income, are eligible to apply for the program and receive assistance.
How It Works:
The RAHBP offers three levels of assistance based on household income:
• Up to $200,000 for households earning up to 80% of Area Median Income (up to approximately $137,000/year for a family of four)
• Up to $150,000 for households earning between 80% and 100% AMI (up to approximately $171,000/year for a family of four)
• Up to $75,000 for households earning between 100% and 120% AMI (up to approximately $206,000/year for a family of four)
The maximum subsidy is based on the gap between the market price of the home and the maximum affordable sale price per HUD guidelines for that income level.
The subsidy is structured as a fully forgivable, 0% interest loan with no monthly payments, secured by a 20-year deed restriction on the property. There is no out-of-pocket cost to the buyer for the subsidy itself.
In the first 10 years after the purchase of the home, the home’s resale price is restricted to an affordable rate designated by the city. From years 11 to 20 of the deed restriction, proceeds of a sale are split between the seller and the City, with the City’s share of the proceeds going to the Affordable Housing Trust Fund. After year 20, the property converts to fully market-rate.
Who Is Eligible
To qualify, applicants must:
• Be a first-time homebuyer
• Have lived in Revere for at least two years, OR have children enrolled in Revere Public Schools, OR work 30+ hours per week for a Revere-based employer
• Complete a HUD-approved homebuyer education course
• Obtain pre-approval for a fixed-rate mortgage
• Be able to contribute at least 3% of the purchase price as a down payment
Eligible properties include single-family homes, condominiums, and 2- or 3-family properties located in Revere. Multifamily properties must rent out the rental units at rates affordable to those at 80% Area Median Income or below.
How to Apply
Applications will be accepted starting on Wednesday, November 4, 2026 – giving interested applicants time to secure their mortgage pre-approvals, enroll in first-time homebuyer courses, and discuss options with their bank and/or their realtor.
The program is funded by the City of Revere Affordable Housing Trust Fund, along with support from the federal Community Development Block Grant A total of $450,000 will be awarded on a first-come, first-served basis.
Questions:
Interested residents should contact the Department of Planning and Community Development at [email protected] or visit www.revere.org/programs-and-support for program details and application materials.