Owner-occupancy restriction

 

 

Letter from Michelle Wu, Boston Councilmember

"Allston-Brighton is a distinct Boston community that is attempting not only to grow homeownership opportunities but is attempting to prevent the continued erosion of owner-occupancy in that area. The mere construction of a condominium does not create the likelihood of owner-occupancy in Allston-Brighton. It is well-known that absentee investors often buy condos in Allston-Brighton and simply treat them as rentals. Therefore, by not proposing significant home ownership opportunities - particularly home ownership with a high percentage of required owner-occupancy- the developmentis overwhelmingly likely to inject into Allston-Brighton's housing market more of the same type of housing that perpetuates the housing crisis and the decline of owner-occupancy in that area."

August 26, 2019. http://www.bostonplans.org/getattachment/6bef440f-c3c6-4c8b-8399-becd5df8610e.

 

 

Alston Brighton CDC

"In 2015, Allston Brighton CDC established the All Bright Homes program in partnership with Harvard Allston Task Force, Harvard University, Boston Community Capital, and the City of Boston. Our goal is to stabilize North Allston and North Brighton by increasing owner-occupancy in the neighborhood. By providing homebuyers more access to a much sought-after community, the program is designed to support the growth of owner-occupancy and to strengthen the vibrancy of North Allston and North Brighton.

"Allston Brighton CDC has the ability to act quickly when homes go on the market in the neighborhood in an effort to reduce investor ownership. We subsequently resell the homes to individuals or families who want to reside in the neighborhood. By placing an owner-occupancy deed restriction on the property, we ensure that each home purchased through the program remains owner-occupied in perpetuity. Eventually, if they choose to sell the property, they must sell to another owner-occupant who will also call this neighborhood home.

"North Allston and North Brighton offers residents the feel of a close-knit community with convenient access to local parks, the Charles River, cafés, restaurants, farmers markets, and art and music venues. Residents can choose to stay local and access nearby amenities, or, whether they walk, bike, drive or take public transit, be in downtown Boston, Harvard Square, or Allston Village in a few short minutes. With this program, we are creating opportunities for families and individuals who want to buy and enjoy all the amenities this neighborhood has to offer."