Lowell seeks to offer many more affordable housing options in the future.

Currently, the state of Massachusetts, like many American states, is experiencing a significant imbalance between income and housing prices, which affects residents’ options when it comes to choosing where to live, how much to spend on housing, and how to cover other expenses.

This uncontrolled rise in housing prices and the tight family incomes in the state are having a stronger impact on the residents of the city of Lowell, particularly affecting the most vulnerable residents.

As a consequence, the city’s Planning Board has decided to support new development strategies aimed at providing more than 3,000 new affordable housing units, all focused on protecting citizens and advancing the city of Lowell.

The need for affordable housing in Lowell arose from a survey conducted by the administration and housing officials among a large portion of the city’s residents, which highlighted the scarcity of housing, high prices for both purchasing and renting properties, and the high costs of basic necessities for personal and family survival.

Based on the results of this survey, the official authorities of Lowell intend to meet the necessary state requirements to participate in the housing grant programs offered by Massachusetts for all its cities.

Officials and administrators in the state of Massachusetts have confirmed that the current housing shortage and high prices are the most significant issues facing the state. According to economic studies, the entire state of Massachusetts has one of the largest affordability and homeownership gaps in the nation; therefore, it currently needs to build more than 200,000 housing units to be able to close that gap and ensure residents of the state a better quality of life.

To combat this, the authorities in Lowell are creating measures and assistance that align with the state’s plans in the search for affordable and subsidized housing that improves the lives of its residents.

Thus, within their plan to construct 3,000 new housing units, and taking into account the average incomes of residents and the cost of living, the authorities intend to allocate a quarter of the project to subsidized housing.

Among the biggest concerns regarding housing affordability for the authorities is perceiving how the absence of this contributes to more individuals and families with low or no resources becoming homeless. Therefore, the city of Lowell’s project aims to focus first on these individuals by creating a bonus or other financial incentives.

Another goal of the recent project in the city of Lowell is also to provide assistance to those homeowners who have properties in poor condition, as long as the property and the owner meet the special need requirements.

Available foreclosures:

Lowell: 15 houses available.

By Elías DaSilva | 28 de octubre de 2024.