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Goal: The rate of homeownership within low and moderate
income neighborhoods is increased by 15%.
Five-Year Focus:
- Implement the Burlington HomeOwnership Program, making $10 million in
affordable mortgage financing through Fannie Mae.
- Seek voter approval for increasing the Housing Trust Fund tax rate by one
cent or by developing a new, alternate funding source for the
- Amend the City's Condominium Conversion ordinance to exempt the conversion
of all rental buildings containing six or fewer apartments and explore
increasing the exemption further.
- Amend the City's zoning ordinance to allow accessory apartments (not
exceeding 25% of total square feet of a building) under the condition that
the owner (person whose name is on the deed) lives in the home.
- Continue to provide grants to the Burlington Community Land Trust to
support the operations of the HomeOwnership Center.
- Explore ways in which the City can directly support the growth of the
Burlington Housing Authority's homeownership option program.
- Create an Employer Assisted Housing benefit to encourage City employees to
buy homes in neighborhoods with low rates of homeownership.
- Encourage the State to maintain Vermont Housing and Conservation Board (VHCB)
funding for the Homeland Program.
- Encourage Congress to establish tax credits and other incentives to
encourage the production of owner-occupied housing affordable to low and
moderate-income households and increase funding for homeownership
counseling.
- Encourage banks, credit unions and mortgage companies to offer innovative
in-house mortgage products that expand homeownership.
Page last updated May 13, 2003
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