Deed Restriction Buy-Down
WATCH has submitted a Deed Restriction Buy-Down proposal to Waltham's Community Preservation Committee (CPC). The proposal is for a landlord incentive program, which would use CPC funds to pay landlords a lump sum to rent their units affordably for a period of 10 years.
Waltham faces a crisis of affordable housing. Two in five households face a housing cost burden, and lack access to affordable alternatives. Residents face being pushed out of their homes as they are unable to keep up with Waltham's rapidly rising rents.
How does it work?
Waltham landlords receive up front a significant sum of money, equal to the difference between market value and affordable rent for a 10-year period. In exchange, a deed restriction for the same span of time is placed on the property.
Who will benefit from the program?
Renters: The program will help Waltham renters in a range of low-income levels and household sizes. Over the course of the program's 10-year operation, a minimum of 20 households will be given access to affordable housing. However, assuming an average of 5-year tenant turnover, the program will likely help closer to 40 households.
Homeowners: The program will benefit homeowners who need to fix up a unit before renting it but lack the funds to so. Participating landlords may use the payment for the deed restriction to bring their property up to state housing code standards in order to make it rentable through the program.
How are the tenants chosen?
The landlord will interview and choose their tenant and the administrating agency will verify that they are income eligible. Each year the landlord will verify that they are renting to a tenant that meets the income criteria. The landlord may also receive assistance from the administrator in finding eligible tenants.
How much will it cost?
If 20 landlords participate, the program will cost $2.9 million. Payments to landlords will range from $42,000 to $260,000, depending on which category of tenant (i.e. income level) they choose to rent to.
Who else supports the proposal?
- Charles River Community Health - read their letter of support!
- One Family
- Metro Housing Boston
- Waltham Boys & Girls Club
- Jewish Family & Children's Services
- Community Day Center of Waltham
How can I support the proposal?
Print and share the program flyer and factsheet.
Attend the CPC's hearing on the proposal on April 9 at 7pm.