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City asks CPA committee to consider using CPA funds for down-payment assistance as HUD price caps exclude buyers
Summary
Housing staff told the committee HUD/HOME sales-price caps now price many Springfield buyers out of HOME-assisted down-payment programs; staff proposed using CPA funds (which have different caps and income thresholds) to fill the gap and asked the committee to consider a targeted grant this round.
Bob Dems, of the City of Springfield Office of Housing, told the Community Preservation Committee that federal HOME program rules and area median price caps are preventing otherwise income-eligible residents from using down-payment assistance: "you can't... find a home in Springfield for under $200000 in existing single-family home" he said, describing an effective HUD 95% median-sales-price cap that now exceeds the market for many city buyers.
Dems explained that the…
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