Affordable Housing

The Town of Billerica currently has over 9,000 people on the affordable housing waiting list. During the Select Board Goal creation process affordable housing was an important topic. ARPA funds will give the Town an opportunity to look at this issue from multiple perspectives.

1. The Town would like to create a down payment assistance fund. If you are currently struggling to afford a home most likely you would not have the requisite down payment saved up. Even the minimum down payment for $250,000 home is close to $10,000. This does not even include closing cost - and where can you find a home for that price?

The down payment assistance fund would help families get a jump start. More rules and regulations would be needed to be created if this is passed. Currently the City of Boston has something similar that could be a good model for the Town. Attached you can find Boston's plan.

2. The Town would also like to study where and what the needs are for affordable housing. Does the Town need more family housing? Does the Town need more senior / veterans housing? Where would it be best in Town? Should the Town look to donate land or should it be sold at a reduced price? These and many other questions need  to be answered. To make sure that it is done correctly and the appropriate types of housing are built the Town will be looking to conduct a study in this area.