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When in Affordable Housing Limbo, How Low Can You Go?

We all know how laughable it is to find affordable housing that's decent when you're making enough money to be considered middle class, which has been very, very broadly defined as income over $50,000 and up to $125,000 by the City of Boston. You know there's something off-kilter when a household earning about $80,000 cannot even afford the bottom quarter of the homeownership market. And where can you live if you're a family of four making less than $29,000, which is officially the qualification for low-income housing? You've got to get creative. And Home Funders, a private funders' collaborative, has decided to do just that.

Tomorrow, they will launch a competition at the State House with three awards between $10,000 and $25,000 for the best ideas.

Investors include the Paul and Phyllis Fireman Charitable Foundation, Highland Street Foundation and the Hyams Foundation. Home Funders financed more than 1100 units in the state, and raised over $21 million in loans to developers who set aside at least 20 percent of their units for low-income housing.

If you need some funds and have a winning idea, perhaps you can set aside some cash for a down payment of your own...or, with prices being what they are, at least a down payment to a down payment.

Register for the event, which starts at 10am tomorrow, here.

· Hub funders launch contest for low-income housing ideas [Boston Herald]
· Boston's Middle Class [City of Boston | PDF]
· Home Funders