For Immediate Release
May 5, 2006
Please Contact: Colin Durrant (617)722-1650 or
Dalié Jiménez, 617-722-1650

BARRIOS PUSHING TO INCREASE AFFORDABLE HOUSING OPPORTUNITIES

Saying that high housing costs continue to be a barrier for residents who want to buy their own home, Senator Jarrett T. Barrios is fighting to protect a state program that makes home ownership more affordable for first-time home buyers.  Barrios this week joined several fellow Senators in asking the Senate Ways and Means Committee to fully fund the Soft-Second mortgage program for low and moderate income residents.

 “Housing costs are skyrocketing and we need to be doing everything we can to keep housing costs affordable for hard working people living close to Boston,” said Senator Barrios.

 Launched in 1991, the Soft Second program uses a modest state contribution (now averaging $5,500 per home buyer) to leverage substantially reduced mortgage costs from banks.  Savings to program home buyers now average over $300 per month or up to $30,000 over the life of the loan.  Fully funding the Soft Second program is estimated to help 900 first time home buyers who would otherwise not be able to achieve the security and stability that homeownership provides.

 “The high cost of housing is driving people away and making it difficult them to afford living close to Boston,” explained Barrios.  “Programs like this allow people to live where they want to -- in the communities where many of them grew up and are finding themselves priced out of.”

 The savings for home buyers come from elimination of private mortgage insurance premiums usually required by banks, and reduced interest rates on the loans.  Participating banks also reduce down payments and closing costs and eliminate points charged at closing.

 To learn more about the Soft Second program visit:  http://www.mhp.net/homeownership/softsecond.php

 

 

The Jarrett Barrios Website is privately paid for and authorized by
The Barrios Committee, Daniel Schlozman, Treasurer
PO Box 391254, Cambridge, MA 02139 (617) 661-1805
Problems? Contact webmaster@senatorbarrios.org

Text portions, photographs, graphics, and source code © 2002-2005, The Barrios Committee. All rights reserved.
Click here for our full Privacy/Copyright/Linking Policy.