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Resident asks council to create $5 million home-repair loan program for seniors with homes held in trusts
Summary
A Mattapan resident urged the council to fund a new loan program for senior homeowners excluded from existing programs because their properties are held in trusts, proposing a $5 million city fund and estimating sustainable returns to operate the program.
Lisa Spagnolo, a Mattapan resident, asked the Ways and Means Committee to create a new $5 million home-repair loan fund for senior homeowners whose properties are held in trusts and therefore ineligible for some existing city repair and zero-interest loan programs.
Spagnolo described a home-repair loan currently offered by the city — a $50,000 zero-percent loan that is repaid upon sale — and said her mother, Dorothy Spagnolo, is not eligible because the house is held in a trust. She proposed a $5 million allocation in the FY26 budget to create a dedicated program for seniors with homes in trusts and said, based on estimated investment returns (5–7%), the city could generate $225,000–$350,000 annually to sustain the program.
The witness said she is still researching how many seniors would be affected but urged the council to consider a targeted loan program to preserve homeownership and stabilize neighborhoods. Councilors did not take formal action at the hearing; they will consider testimony during budget deliberations.
