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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 purpose of
supporting homeownership in areas of the city with low rates of
homeownership.
- 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 Champlain Housing 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 HomeOwnership Centers and 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.
The City will fund the following projects and programs with CDBG and HOME funds in program year 2007 to further
the priority of promoting homeownership:
| Project Title |
Relation to Consolidated Plan
|
CDBG Funds Budgeted |
HOME Funds Budgeted |
Other Funds Budgeted |
Projected Accomplishments |
| Burlington
Housing Initiatives Program |
Sliding scale loans for emergency home repairs, grants for
residential accessibility modifications, free paint, special
projects grants for homeless shelters, down payment assistance, lead
paint hazard reduction, technical and funding support for housing production and
rehabilitation |
$100,510 |
$503,314 |
$5,302,410 |
Down payment
assistance for 29 home/duplex buyers |
|
Pursue
policy-related implementation strategies for this priority |
| Champlain Housing
Trust |
Organizational support for program delivery costs
and for project costs of
nonprofit housing developers |
$95,492 |
$493,000 |
$18,367,860
|
40 new Burlington homeowners
assisted through the Homeownership Center |
| Complete reconstruction,
marketing and sale of a single-family home on Crowley St. |
| Administer and market
22 new
inclusionary owner-occupied units |
| Convert 10 rental units to condos
and construct a new duplex condominium at Blodgett and North St. |
| Begin construction on mixed-use
redevelopment of the BankNorth property to include 20 affordable
co-ops |
| Grants for perpetual affordability
for 11 new homes at the Burlington Co-Housing project |
| YouthBuild |
Build and rehabilitate affordable housing while
training and educating at-risk and out-of-school youth |
$19,500 |
$60,000 |
$113,725 |
Reconstruct a single family home
at 33 Lafountain Street |
| Train 13 youth |
Page last updated
May 21, 2007
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