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The Concord Housing Development Corporation requested a $350,000, three-year working capital loan to create one affordable home through its Homeownership Buy-Down Program. The program already has $500,000 available, and the proposed loan would be repaid from the eventual sale of the home.
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The proposal would help create one income-restricted home for an eligible buyer, although the minutes provided do not state whether the Trust approved the requested loan. The project would use short-term Trust funding while the property is found, purchased, prepared, and added to Concord’s subsidized housing inventory. The application’s example scenarios estimate an all-in subsidy of about $389,000 to $442,000 per home.
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