Glossary (Page 2)
Community
Preservation Act (CPA) funds
Individual
towns and cities can vote to add a surcharge to their local property
taxes, which is put into the town's CPA fund. The state government
then contributes additional money to this fund. A town or city
must use at least 10% of the money in the CPA fund for affordable
housing. Needham currently participates in the CPA program, with
a 2% surcharge on local property taxes. For information on Needham's
Community Preservation Committee, click here.
Housing
Choice Vouchers (also know as Section 8, MRVP or AHVP vouchers)
Federal funds pay a portion of the rent
for a household earning below a certain income. A tenant with
a voucher pays 30% of their income towards their rent and the
government pays the difference between the market rent and the
tenant's portion. Tenants with vouchers must rent apartments that
cost less than the maximum amount set by the U.S. Department of
Housing and Urban Development (HUD). To find out more or to apply,
click here.
Public
housing
Massachusetts has both state- and federal-funded
housing. Public housing provides rental housing for eligible low-income
families, the elderly, and persons with disabilities. It varies
from scattered single-family houses to high-rise apartments for
elderly individuals. The U.S. Department of Housing and Urban
Development (HUD) administers federal aid to local public housing
authorities (PHAs) that manage the housing for low-income residents
at rents they can afford. In Massachusetts, the Department of
Housing and Community Development administers state aid to the
PHAs. Contact the Needham
Housing Authority to find out more, including how to apply.
Smart
Growth
A relatively new concept in urban
planning, Smart Growth refers to the addition of housing, stores,
and recreational facilities in areas that are already developed-such
as town centers-and are near public transportation rather than
in open space. As a result, there is less "sprawl,"
the natural environment is preserved, and residents can walk and
bike, rather than having to drive every place. Since many of the
apartments and condominiums that developers create in these Smart
Growth areas tend to be expensive, the state government and local
planners are encouraging cities and towns to make some of the
housing affordable. In fact, there is new state funding to encourage
this type of development. For more information, visit: www.chapa.org/smartgrowth.htm.
SoftSecond
Mortgage Program:
The Massachusetts Housing Partnership's
affordable first time homebuyer program saves homebuyers tens
of thousands of dollars over the life of their loan. The SoftSecond
program is now available in every community in Massachusetts through
more than 35 participating lenders in a partnership with MAHA,
Massachusetts Housing Partnership, the state's Department of Housing
and Community Development, and local municipalities. Through a
low down payment, low interest rates, homebuyer support, and other
key features, the program offers significant savings to low and
moderate income first time homebuyers. Go to www.mhp.net
for more details and to find out if you qualify.
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