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Resident urges city to create loan fund for seniors who hold homes in trust
Summary
A longtime Boston resident asked the council to create a loan program for seniors who have placed homes in trusts and therefore are ineligible for some existing assistance, proposing a large dedicated fund and offering to host councilors to view needed home repairs.
Lisa Spagnolo, a lifelong Boston resident who said she represents her mother, asked the council on April 22 to consider creating a loan or fund for seniors who hold homes in trust and are therefore ineligible for some existing programs.
Spagnolo described a house owned by her family since 1976 that needs exterior repairs, roof and siding work and garage repairs; she said those conditions have prevented her mother from getting homeowners insurance. She said existing home‑repair programs exclude some homeowners in trust and proposed the city create a new fund targeted to these seniors.
Spagnolo suggested a dedicated fund and offered to open her home for councilor visits so staff can see the conditions she described. She also said she would research how many seniors have homes in trust and seek signatures to support the idea. In testimony she referenced an illustrative funding mechanism and a numerical example for generating annual interest income; the figure she cited during her remarks was $5,000,000,000 to be set aside and generate roughly $250,000–$350,000 annually in interest, described as a proposal she would pursue in follow up.
The committee will continue budget hearings and receive additional public testimony ahead of a planned vote on June 4.
