MAINTAIN THE MIDDLE FUND
Boulder needs more permanent workforce housing for those in the middle class. Living where you work decreases GHG emissions through reduced commuting and increases one’s capacity to participate in civic engagement and community building. In Boulder's rapidly changing market, many homes are being purchased, scraped and rebuilt altering the character of the neighborhood. By assisting Boulder's middle class workforce to purchase a home and permanently commit themselves to the community, MTM hopes to also preserve the vibrant culture which exists in the Goose Creek Watershed. In general this assistance will make home ownership possible to all generations in a community where 60% of the population 25 and older cannot afford to own a home.
Maintain the Middle (MTM) is Goose Creek Neighborhoods' program providing down payment assistance to individuals, families and coop groups whose income is 60% to ~150% of the Area Median Income. MTM assists individuals who qualify for conventional mortgages but lack the large savings needed to afford a home in Boulder. Those looking to purchase in the rapidly appreciating Goose Creek watershed are prioritized.
MTM also provides a low risk, transparent investment vehicle for investors interested in a modest return while promoting resilient, diverse communities, enhancing productivity for employees of area firms and making the dream of home ownership possible for those who otherwise could not purchase a home.
MTM raises low cost (~4% return, 4.5% rate to borrowers with 3-10 year terms) investment capital to help more renters with jobs in the city purchase homes . MTM strives to make the homes purchased with its assistance permanently affordable through deed restrictions (eg 3% or CPI with a 50 year resale appreciation restriction recorded on deed) and preferably conveyance of underlying land to a community land trust with it's own resale restriction formula.
- The property to be purchased must become at the time of purchase and throughout the lending period the primary residence of the applicant.
- MTM requires a right of refusal for repurchase of the property at the original price or with an annual CPI related restriction on all properties for which assistance was provided (should the applicant wish to resell the property prior to the end of the lending period)
In-commuters to jobs in the City of Boulder and/or families with children or who are planning to have children in the subsequent several years are especially encouraged to apply.
The first project raised $150,000 in 30 days to help renters Georg and Anja A. purchase a duplex on North St. in August, 2015. Georg works with software developers and has strategic planning, construction and gardening skills. By living within biking distance of work, Georg has more time to help develop a Goose Creek Neighbors sustainable community and can better help Anja with their three young children. The purchase helps prevent the potential "McMansionization" of the property.