March 27, 2012 – (RealEstateRama) — Mayor Thomas M. Menino hosted hundreds of homeowners and potential homebuyers at the Boston Home Center’s Housing Expo at the Perkins Community Center where he launched the new $3M 3D Campaign. The 3D Campaign is designed to preserve Boston’s iconic triple-deckers.
“I am proud that our $3M investment will give triple-decker owners the support they need to renovate their homes,” said Mayor Menino. “I also want to thank our lending partners for their $74M in mortgage commitments to help us preserve this iconic housing stock, and promote homeownership in Boston’s neighborhoods.”
At the expo, attendees learned that the Department of Neighborhood Development’s Boston Home Center’s 3D Campaign will offer up to $30,000 in loans and grants to assist triple-decker owner occupants with renovations to their homes. The City will also provide up to $20,000 down-payment assistance to income eligible households who want to purchase a triple-decker that they will reside in. All 3D applicants and members will also receive a no-cost Renew Boston energy assessment and learn more about a range of discounted energy-saving measures and programs. In addition to the City of Boston’s investment, attendees learned that the banking community committed up to $74M in mortgage funding to help homebuyers purchase a triple decker or to assist triple-decker owner occupants with renovations to their property. At the Expo residents were also able to talk with realtors, mortgage lenders, nonprofit housing councilors, and City staff about home repair and homeownership opportunities in the City of Boston.
Boston’s iconic triple-decker was built over 125 years ago as an affordable housing staple for mill workers and emigrants. With the downturn in the economy, many triple-decker owners have been unable to make critical repairs. In addition, many interested buyers have struggled to secure mortgages to buy triple-deckers. This funding deficit led to many of the triple-deckers in Boston to fall into disrepair. In response to this economic condition, Mayor Menino called on City departments and the banking community to launch a new campaign to preserve this important housing stock. This campaign will provide real assistance to homeowners while promoting this unique housing stock.
The City of Boston new 3D Campaign offers a wide range of benefits and services to help owners of triple-deckers make the most of their properties. The heart of the 3D Program is membership. To become a member, all that triple-decker owners have to do is go to the 3D website www.cityofboston.gov/3D . As a 3D Member, participants will receive a membership card that entitles them to discounts at a number of hardware stores across the city. Members will also be entitled to free classes at 3D University where owners will learn how to be effective landlords and how to repair their triple-deckers. They will also receive updates about new classes, discounts, and contests to promote triple deckers. Financing for the 3-D program is coming from DND and the Boston Redevelopment Authority.
Mayor Menino said these new funds will complement the City’s existing work on behalf of homeowners and homebuyers. Mayor Menino has been a leader on the issue of homeownership since 1996, when he opened the Boston Home Center. Nearly 10,000 homebuyers and homeowners have received financial assistance from the City through programs such as HomeWorks HELP, Senior Home Repair, Lead Safe Boston, and Home Buyer Financial Assistance. Many have also received Homeownership Education, and “Don’t Borrow Trouble” Foreclosure Prevention. The Boston Home Center (BHC), one of four program divisions of the Department of Neighborhood Development, encourages strong, stable neighborhoods by promoting sustainable homeownership for first-time homebuyers and existing homeowners, with many educational seminars for both potential homebuyers and existing homeowners. The Boston Home Center also markets homes developed for income-eligible, first-time homebuyers.
For more information about Boston Home Center programs please visit www.bostonhomecenter.com
KOBrien.dnd (at) cityofboston (dot) gov