The Boston Home Center Offers Assistance to Boston Homebuyers and Owners
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Boston Housing Trust

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Housing Help Available for City of Boston Members

City of Boston - SEIU Local 888 Housing Trust Fund

Emergency Assistance Funds
Eligibility Criteria
The City of Boston-SEIU Local 888 Housing Trust will provide members with up to a maximum of $4,000 to pay for housing-related emergencies. The award consists of a grant portion of a maximum of $1,000 and a loan portion of a maximum of $3,000. You are eligible for this benefit if you have been a member in good standing of SEIU for at least one year.

This benefit is designed to pay for a housing-related emergency when the SEIU employee’s household experiences a loss of income because of unemployment of a spouse/partner, illness, death of a spouse/partner wage earner, or an unanticipated home repair. An eligible member who owns a multi-family property may also be eligible due to loss of rental income. Documentation of the emergency will be required at the time of the application and may include but not be limited to repair estimates, bills, and/or a signed affidavit describing the emergency.

Downloads
Emergency Assistance Eligibility Criteria
Emergency Assistance Application

Rental Assistance
The City of Boston – SEIU Local 888 Housing Trust Fund (“the Trust”) will enable members to receive an award from the City of Boston Credit Union, up to a maximum of $4,000* to rent new apartments in the City of Boston, typically funding first and last month’s rent and security deposits. The Credit Union will not require credit checks or co-signers for these Trust assisted loans. The Trust will provide a cash grant up to a maximum of $1,000 and will pay interest associated with the loan. The member will repay the loan principal through payroll deductions to the Credit Union.

This benefit is designed to be used to cover the expense of renting a new apartment. The award shall be up to a maximum of $4,000, which can be a combination of first and last month’s rent and security deposit. Documentation of the new rental will be required at the time of the application, along with a signed Application and Affidavit.

Downloads
Rental Assistance Eligibility Criteria
Rental Assistance Application



Homeownership Benefit Eligibility Criteria
The City of Boston – SEIU Local 888 Housing Trust Fund (“the Trust”) can provide a benefit of $10,000[1] to help you buy your first home.

You are eligible for this benefit if
  • You are currently a member and have been in good standing of SEIU Local 888, for at least one year
  • Your base yearly income (not your household’s total income) is less than $69,400 per year
  •  You have not had an ownership interest in residential property within the past five years[2]
  • You intend to occupy the home you purchase within the City of Boston[3]
  •  You agree to attend a free Home Owner 201 course within a year after you purchase the house
Prior to receiving the homebuyer benefit, you must have completed an approved Homebuyer 101 course.  This course, offered by both the City of Boston and others, provides useful information on homebuying.  For a schedule of courses and locations contact the Boston Home Center at 26 Court Street or visit them online at www.bostonhomecenter.com.  The course sponsor will provide you with a certificate of completion, which you will need to access the Trust fund.  For members who purchased homes between July 6, 2004 and March 15, 2007, the Trust will require that they take a Home Owner 201 course, not the Homebuyer 101 course.  Information on the Home Owner 201 course can also be accessed on line at www.bostonhomecenter.com.
 
Applicants are strongly encouraged to secure mortgages from lenders classified by the Trust as “City of Boston – SEIU Local 888 Housing Trust Fund Participating Lenders”.
 
If you choose to finance your home through a lender not included on this list, you will be encouraged to meet with a financial assistance counselor at the Boston Home Center.
 
This benefit is a $10,000, 0% interest loan, with the repayment deferred until the transfer or sale of the property or until the property is no longer your primary residence.
 
This loan is secured through a promissory note and a mortgage on the property.
 
Eligible Uses for Home Ownership Assistance
The Trust funds can be used to help with downpayment and closing costs, including the costs of appraisals, legal fees, recording fees, etc. The best use of these funds should be discussed with your mortgage lender.
 
The Application Process
1)      There are three forms you must complete to be eligible for homeownership assistance from the Trust; they can be downloaded here:

           Homeownership Application 

           Homeownership Mortgage Form

          Homeownership Promissory Note
 
These forms are also available at the SEIU 888 office.  Along with these forms you must submit a copy of your most recent pay stub.
 
SEIU staff will provide documentation that you are a member in good standing. If you are deemed to be an eligible member, you will receive a reservation letter from the Trust reserving your $ 10,000 home buying benefit contingent on the purchase and finance of an eligible property in Boston. This letter is valid for six (6) months from the date of issue.
 
2)      At least four weeks before you plan to close on your new home you must submit to the Trust:
 
  • A copy of a fully executed Purchase and Sale agreement for a home in Boston
  • A copy of your mortgage commitment letter
  • The anticipated closing date on your new home
  • The name, address and phone number of the attorney who will close your loan for the mortgage lender, when available
  • A copy of the Certificate of Completion from an approved Homebuyer 101 course.
 3)      The Trustees will then vote on your deferred loan.
 
4)      If approved, a Trust Fund check will be made out to you and your mortgage lender. It will be mailed to your lender or closing attorney before your scheduled closing. At your closing, you will sign the Note and Mortgage and sign the Trust check over to the mortgage lender.

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[1]  Subject to loan availability.

[2] If you have owned property, there may be extenuating circumstances, as determined by the Trustees, which allow you to receive this benefit.

[3] Or you have purchased a home in Boston after July 6, 2004 and you now occupy that home.

Update from our Boston Affordable Housing Trust Fund


At the Fund’s December 4, 2008 meeting, there was a discussion of current and proposed programs, with consensus reached as follows:

• Rental Assistance – the program will be revised so that the total award, depending on need, is up to a maximum of $4,000, comprised of a grant up to $1,000 and a loan up to a maximum of $3,000.

• Emergency Assistance- the program will be revised so that the total award, depending on need, is up to a maximum of $4,000, comprised of a grant up to $1,000 and a loan up to a maximum of $3,000.

For both programs, members may access the grant award before tapping into the loan. The Trustees discussed the logistics of getting the grant portion quickly to members.

The Trustees also discussed the implementation of a program to assist members who are homeowners in danger of foreclosure. Consensus was reached, as follows:

• Members who are homeowners and are seeking emergency assistance for other than emergency repairs (boiler failure, roof repair, etc.) will be directed to the COB Department of Neighborhood Development (DND) which will assess the member’s financial situation with an eye toward the potential for this emergency leading to foreclosure. Based on the assessment, the Trust will provide a grant of up to $5,000 to help with debt restructuring and/or payoff of overdue bills.

One application for $2,000 in emergency assistance was approved.