BELMONT HOUSING AUTHORITY
Town Meeting Presentation, April 24, 2002
On behalf of the Board of the Belmont Housing Authority, I would like to thank you for the opportunity to discuss affordable housing and how it affects each and every one of us. We didn’t ask for the some of the most expensive home prices in the country but we live with them nonetheless. When we pay for any goods and services, we pay more because of where we live.
· Homeownership costs have doubled between 1980 and 1999.
· House and condo prices.
· There is a void between low and market rate housing.
(300,00.00 condominium with 10% down payment approximately 90,000.00 salary required)
(500,00.00 home 10% down payment approximately 150,00.00 salary required)
(1600.00 per month apartment requires approximately 75,000 salary required)
· 2.6% low-income housing.
· 10,000 homes in Belmont; 256 low income managed by Belmont Housing Authority; realistically no other affordable housing in Town.
· Currently there are few, if any, housing opportunities for moderate-income families.
· The proposed inclusionary zoning by-law does not require any monies from the town in order to be implemented.
· The housing that will be created will bring in additional tax revenue.
This by-law will help the follow people:
· Elderly people downsizing
· Town and municipal workers (including police, fire, highway, and various other town employees. At this point in time, few if any of these workers can afford to purchase a home in Belmont.
· Young people starting out
· First time homebuyers
· Families
Conclusion
The housing authority after many meetings and discussions realizes just how critical affordable housing issues are and particularly inclusionary zoning is at this point in time. All of the bordering towns have inclusionary zoning by-laws in place. Understanding that Belmont has the least amount of affordable housing in the region, makes it even more imperative that this by-law be passed now. The intent of creating affordable housing is to generate housing opportunities that are in keeping with the character of the Town without engendering any additional tax burdens to the Town.
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