City offers down payment assistance for first-time homebuyers

By The Advocate

REVERE – First-time home buyers can still apply for the city’s first-time homeowner’s down payment assistance program for up to $10,000 to help with the purchase of a home in Revere.

The Affordable Housing Trust Fund board discussed the latest news from the program at their recent meeting. Launched in August, there were nine applications for the program. However, several of those applicants did not meet the income eligibility requirement or the residency requirement, which is two years residence in Revere. Trust Fund Board Chairman Joseph Gravellese said that, as a result, there’s an opportunity to help more families.

The program is funded partially by the state and partially by Revere’s Affordable Housing Trust Fund. While it is called a loan, it is fully forgiven after five years as long as the property is not sold or transferred. Each year, 20 percent of the loan is forgiven if the home is owner occupied. At the fifth-year mark, the loan converts to a grant.

The money can be used to buy a single-family home or condo. Multiple-family home purchases require a commitment from owners to rent units at below market rates.

Applications are considered on a first come, first served basis and, in addition to the application, which is available on the city website and at the city’s Planning and Community Development office, applicants must have a certificate from a home buyer counselling workshop and be approved for a fixed rate mortgage from a lender. Applicants must apply before entering into a purchase and sales agreement for a property.

The Affordable Housing Trust Fund board members also discussed how to improve the program should another cycle of funding become available. Gravellese feels participants should be informed about other programs that could assist families with other needs, such as moving expenses and furniture. Board members also feel it would be helpful to involve local realtors and lenders in the program.