As you know, the cost to rent an apartment or own a home has skyrocketed in Broomfield, Erie and Superior. This escalation has made home ownership out of reach for many families in our area. We need affordable housing to encourage our first responders and teachers to live in the communities that they work in. To fight this problem as your State Representative I propose two solutions.
1. We need to bring back incentives for first time home buyers.
Part of the reason we had the great recession of 2008 was because people were living in homes that they could not afford. It was way too easy to get a mortgage and because of that millions of Americans defaulted on their home loans. This led to new laws that require a 20% down payment to buy a home.
Well, if the average home price in Broomfield is $428,891, then you need to save $85,600 for the down payment. That is a lot of money for a young family or individual to save. I propose lowering the requirement for a down payment from 20% to 5% for individuals who have good credit.
If we can trust First Responders to care for our safety and for teachers to teach our children, surely we should feel comfortable offering them loans with a small down payment.
2. We need to encourage residential home builders and developers to build new homes that are more affordable.
The truth is a lot of the new homes being built in Broomfield, Erie and Superior are too expensive for many families. We need a balanced stock of residential housing that meets the needs of all income levels. In order to this each community has to be willing to give on zoning variances on land that is suitable for such affordable housing projects.