Boxborough Buy Down Program
Boxborough, Massachusetts

The Town of Boxborough and the Boxborough Housing Board (BHB) wanted to complete a comprehensive evaluation of the communities housing stock. They were looking to target opportunities to increase their affordable housing inventory by acquiring suitable sites in the community. Realizing that this undertaking would require private industry knowledge, an RFP was created to solicit assistance. MCO was selected to help design and develop the program.

After a comprehensive review, MCO prepared the outline of the Boxboro Buy Down Program. The program created a blueprint to allow the BHB to identify and source appropriate homes and condominiums for sale within the community. Once a home meeting the criteria was identified, it could be purchased on the open market, subsidized and resold at a lower price with a Deed Restriction. Homes could then be marketed and sold to income eligible home buyers and would be counted towards the Towns affordable housing pool. This program allows the town to create affordable opportunities utilizing existing housing. This creative approach enables the town to control expansion while improving existing homes in the community. The model was implemented by the Town and has been a successful alternative for affordable homebuyers.