Last week’s letter “No on Homes,” raised some issues that are addressed in the “Yes for Homes” FAQs. Regarding the additional closing costs to new home buyers, “Buyers who are low income are eligible for a grant by the Federal Home Loan Bank’s HomeStart Savings program, currently administered by Islanders Bank, to cover a portion of closing costs. Some financial institutions will allow these fees to be financed with the mortgage. The buyer of a $350,000 home, for example, will have $1,750 added to their closing cost. In this case, a home buyer with a 4 percent mortgage would pay an additional $8 per month.”
In addition to funding low-cost ownership housing, the proposed home fund is also designed to fund the creation of privately developed rental properties for very low-to-low income individuals and families who do not have means to buy their own home. There are also ways to help new home buyers with grants to cover the proposed fee, as addressed in the FAQs, which are available on the Yes for Homes website, yesforhomes.net/faq.
Since this is not a perfect world, there will never be a perfect solution but we must work on this critical need for our local neighbors, and after an exhaustive process of information gathering, collaboration with the relevant non-profits and a lengthy process of review and eventual unanimous approval by the county council, we have determined that passage of Proposition 1 is the best way to provide the much-needed help.