The newly approved closing cost assistance program aims to support individuals purchasing affordable housing units by providing up to $5,000 each to cover documented expenses. This initiative is structured as a reimbursement system rather than offering direct payments. The eligibility criteria specify assistance for buyers of affordable units and low to moderate income sellers, with certain exclusions like broker fees and a 1.5% city fee already included in the affordable pricing framework.

This program was established to complement the existing down payment assistance program, engaging participants further along in the home buying process. The board anticipates that the $30,000 budget will support up to six applicants, based on historical data regarding affordable housing transactions. During the meeting, a motion to allocate the funds for this program received unanimous support, with plans to develop a detailed application process to be ratified in a future meeting.

The board also discussed a waiver request related to the down payment assistance program. A participant had missed submitting a first-time homebuyer class certificate in time for closing, but the issue was resolved with the submission of the required documentation. This led to a withdrawal of the waiver request, with discussions on considering future waivers on a case-by-case basis, a suggestion that garnered support from board members.

In addition to the new program, the board continues to focus on fundraising efforts to identify private and philanthropic support. A subcommittee, which met on December 3rd, is strategizing for the upcoming year with an emphasis on outreach to community partners. Proposed funding needs include subsidies for unit sales, closing costs, and assistance programs for homeowners. The potential expansion of a senior repairs program was also discussed, with optimism for increasing its budget to benefit low-income homeowners.

The meeting also covered updates on program operations, notably the senior repairs program. It was reported that $26,475 had been disbursed across seven completed projects, with additional projects awaiting final invoices. A waiting list of approximately eight approved individuals was noted. The board emphasized the importance of transparency in listing affordable units, utilizing the city’s website, the Revere Journal, and a statewide listing site to enhance visibility.

Board members explored broader goals for 2026, reflecting on past achievements such as the completion of an affordable condominium project and ongoing support for first-time homebuyers and the senior repairs program. Future initiatives include more affordable accessory dwelling unit (ADU) constructions, which have been pre-approved. The board also debated the potential to subsidize unit sales in new developments and the challenges presented by condo associations.

A notable idea discussed was a “split proceeds deed restriction,” which allows first-time homebuyers to benefit from home appreciation while contributing to future affordable housing initiatives. This approach aims to provide sustainable solutions without hindering the financial return for sellers, who might struggle to secure new housing in the costly greater Boston area.

Further program updates highlighted collaborative efforts with Habitat for Humanity and the challenges of high construction costs despite volunteer labor. Lori, a meeting participant, proposed expanding programs to include veterans, noting the lack of assistance for veterans in the city. The possibility of incorporating income-eligible veterans into the senior repairs program was acknowledged, though concerns about definitions and eligibility criteria were raised.

Lastly, the meeting addressed the ongoing call for proposals, with announcements made in local newspapers and online. Although no proposals had been received at the time, members were encouraged to continue outreach efforts. First-time homebuyer workshops conducted in collaboration with Chelsea have also been successful, attracting participants despite adverse weather conditions.

As the meeting drew to a close, plans for the Accessory Dwelling Unit (ADU) loan program were discussed, with a draft application expected in January and a program launch in February. The board confirmed the availability of multilingual applications to ensure accessibility for all community members.