What kind of financial resources does the Newton Housing Office have available for housing development (the production of new affordable housing units)?
The City receives an allocation of federal Community Development Block Grant (CDBG) and HOME funds from the U.S. Department of Housing and Urban Development (HUD) on an annual basis. A portion of these funds, $567,077 in fiscal year 2007, is targeted for projects that will increase the existing supply of affordable housing or maintain the current affordability of existing projects. Projects that have received assistance range in size from Nonantum Village Place, a 35-unit development for low-income seniors located on Watertown Street to a two-family property on Cambria Road for low and moderate-income families. Funds are in the form of 0% deferred forgivable loans for 50-year terms. All assisted properties are deed restricted in perpetuity. The City also has Community Preservation Act funds available for community housing projects. Most housing development projects require multiple sources of financing and developers of many federally-assisted City housing projects also access Communit
