The Boston Home Center LEAD AWARENESS WEEK Developing Lead Safe Collaborations: City and State Deleading Resources David George, Senior Project Manager, Lead Safe Boston October 20, 2014 Department of Neighborhood Development, The Boston Home Center, 26 Court Street, Boston, 617.635.HOME (4663), www.cityofboston.gov City of Boston, Mayor Martin J. Walsh Y: DND\BHC\PPT\3D HELP+Univ.Oct 2014
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The Boston Home Center...The Boston Home Center LEAD AWARENESS WEEK Developing Lead Safe Collaborations: City and State Deleading Resources David George, Senior Project Manager, Lead
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The Boston Home Center LEAD AWARENESS WEEK
Developing Lead Safe Collaborations: City and State Deleading Resources
David George, Senior Project Manager, Lead Safe Boston
October 20, 2014 Department of Neighborhood Development, The Boston Home Center,
Annual household income cannot exceed 120% AMI, e.g., 4 person = $112,900
$75,000 Asset Limit, excluding primary home and retirement accounts
Current on City and Property Accounts (taxes, water, etc.)
Prior home repair assistance must be longer than ten (10) years ago
HOMEWORKS HELP FOR HOME OWNERS…
What are the benefits?
No owner match funds required for incomes below 100% AMI (4 PHH: $94,100)
Households with income above 100% AMI are eligible for up to 50% of the city’s loan limit and must match city funds dollar for dollar with their own funds or a bank loan
Zero percent (0%), deferred loan up to $10,000. for single family, $15,000 for two family. No monthly payments
HOMEWORKS HELP - FOR HOME OWNERS
Funding Terms
Repayment of City loan funds is due in full upon sale or transfer
of the property or cash-out refinance.
City loan is secured by a Mortgage
No Condo conversion for ten (10) years
This offer is subject to funding availability
MASSHOUSING GET THE LEAD OUT LOAN
Owner Occupied
0% Deferred Interest Rate Loans
Income-eligible families who are owner-occupants of a 1-4 family home in which a child under the age of six resides (must be the child’s primary residence)
Eligible borrowers do not have to repay the loan until they sell or refinance their homes
2% Amortizing Interest Rate Loans – Preventative
Income-eligible families who are owner-occupants of a 1-4 family home who wish to delead their homes for preventative reasons may qualify for an amortizing loan with 2% interest rate
MASSHOUSING GET THE LEAD OUT LOAN
0% Amortized - Nonprofit Organizations
Available to nonprofit organizations who rent to income-eligible tenants
All loans are 0%, fully amortizing
Loan terms are from 5 to 15 years, based on the loan amount and
Property Eligibility Guidelines 1-4 family residence properties
Maximum Loan Amounts Single Family $30,000
Two Family $35,000
Three Family $40,000
Four Family $45,000
Minimum loan amount on any size property is $3000
MASSHOUSING - GET THE LEAD OUT LOAN
Closing Costs and Fees
The following fees may be included in the loan amount:
Borrower Loan Processing fee of $150
Reasonable closing costs, including title search, attorney’s fee, recording fees
Reasonable lead paint inspection fee, dust wipe samples and re-inspections fees
LRA Fee
4.5% of the abatement or loan amount whichever is less up to a maximum of $1000, the minimum fee is $200.
Funds provided under this program may be used in tandem with other programs which provide funds for rehabilitation activities, (e.g. CDBG, HOME, conventional home improvement funds, etc.)