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Menino announces Boston's $18 million Homeownership Stabilization Plan
Boston Mayor Thomas Menino announced an $18 million “Homeownership Stabilization Campaign” this past Wednesday, July 29th. The 12-month initiative aims to retain existing homeowners and stabilize prices in the housing market.
According to RealEstateRama, the two-pronged strategy will:
“1. Protect existing homeowners that need to finance home repairs but cannot access home equity loans because values have declined in the current market. The City will provide equity loans to homeowners who could otherwise not otherwise finance repairs.
2. Stabilize prices in the housing market, especially in high foreclosure areas by assisting new homebuyers to purchase available property and take advantage of significantly reduced house prices.”
Boston is littered with about 900 foreclosed properties. Mr. Menino commented, “This is a significant investment to keep our neighborhoods strong. Just like other cities across this country, the foreclosure crisis has had an impact on our communities.”
The $18 million budget will represent a 200 percent increase over last year’s homeownership budgets--$8.23 million will come from the state and federal Neighborhood Stabilization Program funds that Boston received for foreclosure relief.
For more information, see the full article.
According to RealEstateRama, the two-pronged strategy will:
“1. Protect existing homeowners that need to finance home repairs but cannot access home equity loans because values have declined in the current market. The City will provide equity loans to homeowners who could otherwise not otherwise finance repairs.
2. Stabilize prices in the housing market, especially in high foreclosure areas by assisting new homebuyers to purchase available property and take advantage of significantly reduced house prices.”
Boston is littered with about 900 foreclosed properties. Mr. Menino commented, “This is a significant investment to keep our neighborhoods strong. Just like other cities across this country, the foreclosure crisis has had an impact on our communities.”
The $18 million budget will represent a 200 percent increase over last year’s homeownership budgets--$8.23 million will come from the state and federal Neighborhood Stabilization Program funds that Boston received for foreclosure relief.
For more information, see the full article.
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