AWARD Valley CDC Mortgage Subsidy Program
Community Preservation Committee
Recommendation for Funding
Date:
March 19, 2008
Applicant:
Valley CDC: Mortgage Subsidy Program
Amount of funding requested:
$276,000
Time-frame of request: 2008
Amount of funding recommended by CPC: __$26,161_____________
Time-frame of funding recommended: _____2008__________
Summary reasons for recommendation
:
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The need for opportunities for home-ownership for low-income Northampton residents
has been repeatedly documented by the Housing Partnership and others.
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The proposed project meets goals of both the Sustainable Northampton Plan and the
CPA.
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Housing costs in the Pioneer Valley have risen to a place where it is almost impossible
for income-qualified applicants to purchase a home.
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Valley Community Development Corporation has a long history of success in helping
qualified first-time-home-buyers purchase and keep homes.
Conditions/contingencies attached to recommendation:
Procedures for monitoring and reporting shall be worked out among the Committee, Mayor
and the grantee.
Additional comments from committee
:
To be used for providing assistance to low or moderate income first-time homebuyers in
Northampton.