Special to the Journal
The City of Revere’s Affordable Housing Trust Fund has announced the formal launch of Revere’s First-Time Homebuyer Downpayment Assistance Program, which will open up for applications on Monday, August 19.
First-time homebuyers with at least two years of established Revere residency and who meet income eligibility guidelines are eligible for up to $10,000 toward the purchase of a home in Revere in the form of a fully forgivable loan. Over a five year period, 20% of the loan is forgiven each year, if you use the home as your only residence. After five years, the loan is converted to a grant. No payments are required of the applicant unless the home is sold, re?nanced, or ownership transferred during the ?ve-year period.
Funds may be used to purchase a condominium or single-family home at an affordable rate or market price rate. If purchasing a 2-3-family home, the applicant must enter into an agreement with the city and the state to rent all non-owner-occupied units below market rate in accordance with state guidelines. This assistance is provided on a ?rst-come, ?rst-served basis until funds are exhausted. Applicants must be approved for a fixed-rate primary mortgage loan with a lender (no cash buyers), and must apply prior to signing a purchase and sales agreement.
Funding for this program was made possible via an earmark in the state budget toward the Affordable Housing Trust Fund for this purpose in partnership with Senator Lydia Edwards, Representative Jessica Giannino, and Representative Jeffrey Turco, along matching funds from the Affordable Housing Trust Fund, aligned with Mayor Patrick Keefe’s priority of advocating for affordable first-time homeownership opportunities in Revere.
“The Affordable Housing Trust Fund board voted unanimously to approve this program and we are excited for the opportunity to support first-time homebuyers in Revere,” said Joe Gravellese, Mayor Keefe’s appointee as chairman of the Affordable Housing Trust Fund board. “We are grateful for Mayor Keefe’s ongoing advocacy for helping Revere residents put down roots in the community, and for Senator Edwards, Rep. Giannino and Rep. Turco’s advocacy for these funds at the state level.”
To be considered for the program, homebuyers are asked to submit a completed application, along with supporting documentation and proof of eligibility and priority status, until funding is exhausted.
Applications, along with complete income and eligibility guidelines, are available at: City of Revere, Office of Planning and Community Development, Mezzanine Level, Revere MA 02151, or online via www.revere.org. For additional information, please contact Lorena Escolero at [email protected].
