Frequently Asked Questions -Page 2
Does low-income
housing lower the value of property in the neighborhood?
The MIT Center for Real Estate completed an analysis of property
values related to seven specific large, dense, multifamily 40B
rental developments in six different communities in April 2005.
There was no statistically significant difference in the change
in values between the homes in the 40B impact area and the homes
in the remainder of the community. The research reviewed the change
in value of single-family homes in the 40B impact area (defined
as abutters and immediate neighbors) with the change in value
of dwelling units in the remainder of the community, over a period
of five to 15 years depending on the year in which the 40B project
was developed. For the full report, click here.
(PDF)
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Who
is a first time homebuyer?
Most affordable homeownership opportunities
and affordable mortgage programs are limited to first time homebuyers.
However, it is important to note that a first time homebuyer is
defined as someone who has not owned a home in the last three
years. Exceptions are made for displaced homemakers and elderly
households (where at least one person is 55 or over).
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What
is local preference?
Often the Town of Needham will request that preference be given
to affordable housing applicants who have Needham connections.
Up to 70% of the units available may be reserved for those applicants.
" Needham connections" is usually defined as currently
living in Needham, working for the Town of Needham, working for
a Needham business, having immediate family in town, graduating
from Needham High School, participating in the Needham METCO program,
etc.
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Where
can I learn about the home buying process?
NOI partners with the Massachusetts Affordable Housing Alliance
(MAHA) to offer first time homebuyer opportunities in Needham.
Go to www.mahahome.org
for a schedule of classes. For a list of all approved counseling
agencies in MA, go to www.chapa.org/?q=homebuyer_counseling.
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How will affordable
housing affect my community?
Here in Needham, we relish a community where lawyers live alongside
teachers, bankers next to construction workers, CEO's next to
firefighters. Bu as home prices continue to outpace salaries,
these types of neighborhoods are harder to achieve. That's what
NOI is all about. For NOI, affordable housing isn't about a number
of units, it's about creating opportunities for families of all
types and income levels to become part of the fabric of Needham
life, to participate in what our town ahs to offer, and to help
create a community that is stronger, more vibrant, and richer
for the variety of people we pass on the street each day.
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