On Thursday, October 29, from 5:30-7:30 PM, the City of Revere will host a workshop and Q&A on affordable homeownership programs for first time homebuyers. The event will be held at the Rumney Marsh Academy cafeteria, located at 140 American Legion Highway in Revere.
At the event, representatives from the City of Revere, local banks, and other agencies working with first-time homebuyers will give an overview of opportunities available for first time homebuyers, including:
-The Affordable Homeownership Buydown Program: This new program, launching Wednesday, November 4, will offer a limited number of up to $75,000-$200,000 in assistance grants to first-time homebuyers whose income is below 120% AMI ($205,680 for a family of 4). Eligible households include those who currently reside in Revere; and/or have children in the Revere Public Schools; and/or work for an employer physically based in the City of Revere.
-First Time Homebuyer Downpayment Assistance Program: Offers $10,000 in downpayment assistance to income-eligible Revere residents purchasing their first home in the City.
-Affordable homeownership unit lotteries and resales
-Mortgage programs tailored to first-time homebuyers, including the One+ Mortgage by MassHousing, which offers preferential interest rates to income-eligible first-time homebuyers.
Banks and agencies will be invited to share more about their programs and introduce interested residents to programs that can support them on their journey toward homeownership in Revere.
For more information, visit www.revere.org/programs-and-support or contact Joe Gravellese in the Department of Planning and Community Development – [email protected] or 781-286-8181.