NACA has announced that it will conduct a special community forum with Boston’s mayoral candidates on Saturday, August 28th, in advance of the city’s September 14th primary election, to discuss the city’s affordable housing crisis.
The forum will start at 8:45 a.m. at NACA’s headquarters at 225 Centre Street in Roxbury. Several hundred guests will attend the forum in person and thousands more are anticipated to watch the forum online as it is livestreamed on the internet.
NACA’s forum will allow the candidates to share their housing plans for the city and interact with the live audience on site and on the webcast. All seven mayoral candidates have been invited and most have already confirmed that they will attend.
NACA will also present a Homebuyer’s Workshop at the event, highlighting its Best in America mortgage program that features no down payment, no closing costs, no fees and a fixed below-market interest rate. Low- and moderate-income buyers get a 1.875% rate for a 30-year term and 1.25% for a 15- year term (as of 8/20/21).
Housing prices nationwide have soared, especially since the beginning of the Covid-19 pandemic. Affordable housing has become extremely rare as home prices in the U.S. have reached an all-time high. The NACA program is itself an extremely powerful tool for creating affordable homeownership and fighting the affordable housing crisis.
NACA founder and CEO Bruce Marks stated, “NACA is hosting this incredible event at our headquarters to hear from the city’s Mayoral candidates about their plans for affordable housing ahead of the primaries and general election, and to showcase our Best in America mortgage and its ability to break through the barriers to homeownership that have prevented primarily low and moderate income and minority homebuyers from achieving the American Dream of homeownership and building generational wealth.”
Bank of America has committed $15 Billion to the NACA mortgage. More than 70,000 homes have been purchased through the NACA program and 85% of NACA homebuyers and homeowners are people of color.
NACA’s HOT-PHA program allows recipients of the Housing Choice Voucher program to use their HCV’s to also achieve affordable homeownership while NACA’s RICH program affords city residents opportunities to purchase and renovate homes owned by the city and affiliated entities, with renovation funds being built into the NACA mortgage.
Rents have also increased at a pace far greater than incomes, due in large part to greedy corporate landlords. Many have continued to raise rents even as they provide substandard housing and maintenance. Some have even done so in defiance of government directives prohibiting such increases.
While the Boston Public Health Commission’s eviction ban is protecting local renters for now, millions of renters across the country are facing eviction due to job losses during the pandemic and eviction moratoriums ending.
NACA recently announced that it has begun working with at-risk renters nationwide to help them access some of the more than $47 Billion in Emergency Rental Assistance funds available to prevent evictions. Less than ten percent of these funds have been accessed to date, largely due to inconsistent and over-complicated programs run by state and local governments that administer the available funds.
NACA’s Home Save program has also seen a sharp rise in homeowners asking for help after falling behind on their mortgages. The Home Save program helped more than a quarter-million homeowners prevent foreclosure by obtaining mortgage modifications after the housing market collapse in 2007.
The upcoming Mayoral Candidates’ Forum will be a pivotal point in determining the future of Boston’s city government. With more than 32,000 members in the Boston area, a potential candidate endorsement from NACA will be a strong voice in determining Boston’s next mayor and choosing the direction the city takes with regard to affordable housing and economic justice.