Home Ownership Benefit

The SEIU Housing Trust voted unanimously to substantially increase the Homebuyer Benefits from $10,000 to $15,000 effective May 1, 2013.
The City of Boston-SEIU Local 888 Housing Trust will provide members with a loan of a maximum of $15,000 to assist with the costs of purchasing a home within the City of Boston. Home Ownership Application:
Home Ownership Application
I. Explanation of Benefit
This benefit is designed to encourage qualified SEIU Local 888 Members with the cost of maintaining residence within the City of Boston.  The loan is to be used at closing towards down payment, closing cost or to reduce the interest rate on the mortgage loan, or pay mortgage insurance premium as permitted by primary lender.
 II.  Member Qualification
a) Member must be part of one of the following departments:
  • Boston Center for Youth and Families
  • Boston Public Health Commission (Clerk and Tech, Programs, Counselors and Coordinator)
  • Boston Public School (Administrative Guild and Planning & Engineering)
  • Clerks and Tech (Boston City Hall and Boston Police Department)
  • Department of Neighborhood Development
  • Elderly Commission
b)  SEIU Local 888 member must be in good standing for one year.
c)  Must occupy the home you purchase within the City of Boston.
d)  Application must be made within 90 days of purchase.
e) If you are a member of the City of Boston Credit Union you must be in good standing and with no outstanding Housing Trust loan.
f) SEIU Local 888 members who are current homeowners and purchasing a new home must not owe any past due real estate taxes to the City of Boston.
g) The maximum amount of funding (for those who qualify) depends on program funding and may change monthly.
 III. Prior to Submission of your Application
You must have completed an approved Homebuyers 101 course.  This course, offered by both the City of Boston and others, provides useful information on home buying.  For a schedule of courses and locations contact the Boston Home Center at 26 Court Street (www.bostonhomecenter.com or 617-635-HOME).  The course sponsor will provide you with a certificate of completion, which you will need to access the Trust fund.
 IV. Loan Application Process

The Homeownership benefit is a two (2) step process; in order to ensure that the funds are available in a timely manner you must first complete the following.

1.   STEP 1

a) As a first step, member must pick up an application form, which is available at the Union Hall or can be downloaded from www.SEIU888.org/htf/.
b) Member completes the Homeownership application form.
c) Member submits application by:
Mail to:SEIU Local 888
Housing Trust Fund
52 Roland Street, Suite 101
Charlestown, MA 02129
Fax to:(617) 241-5150 EMail to:MyUnion@seiu888.org
d) The Trust Program Administrator reviews the application for completeness and forwards the application and letter of good standing to the Trustees.
e) The Trustees review the application upon receipt of a complete, accurate application along with any necessary supporting documentation.
f) Inaccurate, incomplete applications, or missing supporting documentation, may result in denial of application.
g) If the application is not approved, the Trustees inform the member in writing of the reasons the application was denied.
h) If you are deemed to be an eligible member, you will receive a Reservation letter from the Trust reserving your homeownership 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.   STEP 2 (The following only applies for approved applications)
a) A minimum of four (4) weeks prior to closing on your new home you must submit the following:
  • Submit a copy of a fully executed Purchase and Sale Agreement for a home in Boston;
  • Submit a copy of your mortgage commitment letter;
  • Provide the anticipated closing date on your new home;
  • Provide the name, address and phone number of the closing attorney who will close your loan for the mortgage lender, when available.
b) A Trust Fund check will be made out to you and/or your mortgage lender.  It will be mailed/delivered to your closing attorney before the scheduled closing.
c) At your closing, you will sign City of Boston/SEIU Local 888 Housing Trust Fund Note and Mortgage;
d) At your closing, you will sign the Trust check over to the mortgage lender.

Or; if you have already closed on your new home with a maximum of 90 days post-closing

a) You must submit the following:
  • Completed application
  • Copy of your Deed and Mortgage Statement
  • You must also make yourself available to the trust to sign a Note and Mortgage to complete the process.
b) A Trust Fund Check will make out to you and/or your mortgage lender.  This check will be mailed to you to be sent to your mortgage provider.  Please note you have previously signed a sworn statement that you will use these proceeds only to pay for expenses related to purchasing a home in Boston.
V. Loan Repayment
a) The Homeownership Loan will be in the form of 0% interest loan up to a maximum of $15,000.
b) The SEIU Local 888 member agrees to repay the loan in its entirety regardless of his/her employment status with the City of Boston.
c) The benefit is a deferred and forgivable loan, secured with a promissory note and mortgage on the property. The member must complete the Home Owner 201 Course and occupy the home as his/her principal residence for a period of ten years, then the loan will be forgiven. Repayment of this benefit occurs when the property is transferred or sold or is not maintained as a principal residence before the end of ten years. The repayment is prorated at 10% per year, up to the tenth year, when it is forgiven.

 

 

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