Applications open again for Revere First-Time Homebuyer Downpayment Assistance Program

Special to The Advocate

The City of Revere and the Affordable Housing Trust Fund Board have announced that the application for the City of Revere’s First-Time Homebuyer Downpayment Assistance Program has reopened, following the receipt of a $75,000 earmark in this year’s state budget in support of the program. The application is available via the City of Revere’s website at https://www.revere.org/business-development/programs-and-support.

Funding is available for eligible City of Revere residents seeking to purchase their first home. Applicants must demonstrate two-plus years of existing Revere residency with the intention of purchasing a condo or single-family home, either at market rate or affordable rate, in Revere.

A two- to three-family home may be purchased with a signed agreement with the city and state to rent all non-owner-occupied units below market rate, in accordance with Executive Office of Housing and Livable Communities (EOHLC) guidelines. This assistance is provided on a first come, first served basis, with $10,000 in downpayment assistance awarded to those who qualify while funds last.

To be considered, please submit a completed application on revere.org, along with supporting documentation. In addition to Revere residency, qualified applicants must have an income level at or below 80% of Area Median Income (AMI), be pre-qualified for a mortgage and enroll in a first-time homebuyer course.

Qualified applicants will have six months upon verification of eligibility to enter into a purchase and sale agreement to receive $10,000 in downpayment assistance from the City.

For questions about the program, contact Joe Gravellese, chair of the Affordable Housing Trust Fund board, at jg*********@re****.org or call the City of Revere’s Department of Planning and Community Development at 781-286-8181.