Applications Open Again For Revere First-Time Homebuyer Downpayment Assistance Program
February 21, 2025
The City of Revere and the Affordable Housing Trust Fund Board have announced that the application for the City of Revere’s First-Time Homebuyer Downpayment Assistance Program has reopened, following the receipt of a $75,000 earmark in this year’s state budget in support of the program.
The application is available via the City of Revere’s website, at https://www.revere.org/business-development/programs-and-support.
Funding is available for eligible City of Revere residents seeking to purchase their first home. Applicants must demonstrate 2+ years of existing Revere residency with the intention of purchasing a condo or single-family home, either at market rate or affordable rate, in Revere.
A 2-3 family home may be purchased with a signed agreement with the city and state to rent all non owner-occupied units below market rate, in accordance with EOHLC guidelines.
This assistance is provided on a first-come, first-served basis while funds are available, with $10,000 in downpayment assistance awarded to those who qualify while funds last.
To be considered, please submit a completed application on revere.org, along with supporting documentation. In addition to Revere residency, qualified applicants must have an income level at or below 80% of Area Median Income (AMI), be pre-qualified for a mortgage, and enroll in a first-time homebuyer course.
Qualified applicants will have six months upon verification of eligibility to enter into a purchase and sale agreement to receive $10,000 in downpayment assistance from the City.
For questions about the program, contact Joe Gravellese, chair of the Affordable Housing Trust Fund board, at jgravellese@revere.org; or call the City of Revere Department of Planning and Community Development at 781-286-8181.