Reply to $25K in down-payment support for 1st-time homebuyers

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[quote=Anonymous]Also grew up what you guys would call poor--secondhand clothes, old car and furniture but always food on the table. Got a house on C for D at very reduced price because city was after the owner's ass (it was rental property at the time and a fire and a murder had brought code inspectors down his neck). Have done a lot of work, including DIY and contractors, to get it up to par.  My son bought his first house in 2021 and had 25% down payment put away. 
I live in an old neighborhood which is a mix of owner-occupied, long time apt houses (including post WW2 conversions) and new apt buildings and condos. Some new homes are being built but not by developers. A decent number of older homes being restored from their rental days. I understand the concept of infill as preferable to sprawl (which I don't have to see much as I don't drive out to those areas) although it was said to see the block where my son was conceived in a tiny WW1 conversion apt house with several single family homes and one old apt building get absorbed into a claustrophobic neighborhood of brand new apt buildings. 
But it's a mixed neighborhood. There are some old cheap WW2 conversion apt buildings, some single family homes rented out, some homes occupied by young families who have done improvements, some small scale condos built to maintain historical character (although the new apt bldgs aren't required to), some long time residents. And some gaps where houses have been condemned and torn down that aren't big enough for developers. If subsidies can maintain the diverse nature, I'm all for it.

Yes to down payment support. A lot of places offer that anyway to first time buyers in some new developments--that's how my nephew got his house. THere's a non-profit that is also subsidizing the difference between mortgage ceiling for median income or lower buyers since the median home price is beyond the means of median income buyers. They have equity in the property and if it is later sold the gains are split between the seller and the non-profit. Seems like a great idea to me.

My SIL and her husband could resent the people who got a 3.25% mortgage when they bought in the 80s starting at 19% while their parents' gorgeous home had to be sold when they couldn't physically maintain it (went to condo) in a depressed market. You can always find someone to be pissed off about if you want.

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