Boston's Housing Authority receives funding from HUD to revamp neighborhoods
As a homebuyer looking into real estate in Boston, it can be difficult for you to find a house worth investing in from the state. While the Hub is a fantastic place to live - a metro area with world renowned education systems - inventory levels are down, and multiple families battle to place the highest bid on a for-sale home.
There are approximately 21,144 single-family and condo homes listed for sale in the Greater Boston area, according to The Department of Numbers. The median asking price of these properties is $329,900, and the inventory of homes for sale has declined by 22.6 percent year-over-year.
Unfortunately, many prospective homebuyers in the Greater Boston area cite low inventory levels as one of the main reasons they remain on the sidelines and not active participants in the marketplace. It seems that until the Hub makes strides in developing new residential units across the city, buyers and renters will remain stagnant in their efforts to revitalize the Boston housing market.
Fortunately, the United States Department of Housing and Urban Development (HUD) recently awarded the Boston Housing Authority additional funding to spur new housing and neighborhood transformation projects. Boston's housing agency was one of 17 nationwide that received extra funds from the U.S. government, according to Banker and Tradesman.
The city received $300,000 in Choice Neighborhoods Planning Grants. Overall, HUD awarded $4.95 million to give communities the resources they need to develop action plans to bring new housing options into existence. The HUD funds are meant to achieve three things - transform distressed public and assisted housing into energy efficient, mixed-income housing units, support positive outcomes for families who live near these new developments and transform poverty-stricken neighborhoods into viable communities.
The city of Boston may be able to bring new life to struggling neighborhoods and turn them into places the average American would want to live. Using funds from HUD, Boston can build new residential units that attract buyers and bolster the housing market even further. For those people who have remained on the sidelines and evaded the urge to outbid other buyers in the area, new properties are on their way, and the local real estate market will only grow stronger. To prepare for an improving housing market, buyers should organize their finances today, and make sure they're prepared to invest when the time is right.