First Time Homebuyer Loan program

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PITTSFIELD, Mass. - A new MassHousing Program provides another reason for people to begin looking for their first home. At this time, Legacy Banks is the only Berkshire County lender to offer the program, which allows qualified first-time home buyers to borrow their federal tax credit (up to $8,000) for use as a down payment or for closing costs.

This Tax Credit Loan Program, announced by Governor Duval Patrick, is being offered to eligible first-time home buyers through MassHousing’s first-time homebuyer mortgage programs. The homebuyer tax credit, which is part of the federal Housing and Economic Recovery Act of 2008 (HERA), is available to qualified individuals and families and is claimed at the time of 2009 tax filing. Those who take advantage of the Tax Credit Loan Program may repay the loan once they receive their tax refund in 2010.

According to Steven Pierce, executive vice president of Legacy Banks, this is a wonderful opportunity for those looking for a home for the first time. “Closing costs and down payment funding often present challenges for young families and individuals who want to purchase their first home. This program goes a long way toward helping people realize the dream of home ownership, and we at Legacy Banks are pleased to be part of it. As an active MassHousing lender, our experienced mortgage professionals look forward to assisting borrowers with the mortgage and Tax Credit Loan Program application processes.”

The loan program is available only to homebuyers with MassHousing mortgages through a selected group of approved lenders, Legacy Banks included. To be eligible, loan participants must purchase their home prior to November 30, 2009 and must use the home as their primary residence for at least three years. The principal and interest payments of the tax credit loan are deferred until June 1, 2010 to allow first-time homebuyers to repay MassHousing with their federal tax credit. If the loan is not paid back by the June deadline, it is then amortized for 10 years at the rate of the original mortgage.


Legacy Banks will hold a “Lunch and Learn” about the program for realtors on August 12 from 12-1 p.m. at the Legacy Financial Center. Realtors interested in attending, may call 413-445-3437 to reserve a space.

MassHousing, the leading provider of affordable housing in Massachusetts, offers both low- and no-down payment home mortgage programs for income-eligible first-time homebuyers. Since 1970, MassHousing (previously the Massachusetts Housing Finance Agency) has provided more than $9.4 billion in financing for Massachusetts residents.

Legacy Banks has been an approved MassHousing lender and homebuyer counseling provider since 1992. Those interested in learning more about first-time home buyer programs, may contact Legacy at 800-292-6634 or visit www.legacy-banks.com/first-time.
If you would like to contribute information on this article, contact us at info@iberkshires.com.

Lanesborough Town Meeting to Vote Budget, Bylaws & Vehicle Purchases

By Breanna SteeleiBerkshires Staff

LANESBOROUGH, Mass. — Tuesday's annual town meeting includes a $14 million operating budget, new short-term rentals, accessory dwelling units and sign bylaws, and free cash article appropriations.

Voters will gather at Lanesborough Elementary School on June 9 at 6 p.m. to decide on 20 warrant articles.

The fiscal 2027 budget is up a little over 10 percent. Some of the main increases are the Mount Greylock Regional School District and McCann Technical School: the McCann assessment is up more than 30 percent based on factors including enrollment and the school renovation project, and Mount Greylock's is up 11 percent.

Article 11 is for the town to vote to approve from free cash the sum of $16,298.48 for the McCann Technical School roof and window replacement project so as not to impact the budget. Article 3 is  appropriate $7,586,284 for Mount Greylock Regional School assessment.

Another notable increase was in life and health insurance, showing an increase of about 26 percent.

Ambulance Director Jen Weber is planning 24-hour coverage, which means more staff and a hike in her budget. One of the articles asks the town to appropriate $234,100 to operate the Ambulance Enterprise Fund for salaries and expenses.

Many town departments are looking for new vehicles. The Fire Department is looking to replace its outdated 1996 fire engine. There are two articles related to the truck at a total of $813,366. Article 12 would transfer $225,000 from free cash into the Fire Truck Stabilization Fund; Article 13 would transfer $605,000 from the fund and authorize the borrowing of $208,366.08.

The total includes a $100,000 contingency cost to cover any additional costs if a 2026 model-year chassis cannot be secured before new emissions standards go into effect in 2027.

The board at its last meeting moved the $225,000 transfer to come before the borrowing article, changing the stabilization number. If the $225,000 is not voted on, then they will amend the next article's number on the floor, subtracting the $225,000. This shows the borrowing number significantly lower.

Article 17 asks for the transfer of $80,000 from free cash to replace a police cruiser.

Police Chief Rob Derksen's aim is to replace one vehicle every other year, meaning the oldest vehicle gets replaced about every 10 years. 

He stressed that if delayed this year, the town may have to double up in a future year to get back on schedule, and that paying later usually costs more. The article will ask for $80,000 from free cash, the vehicles used to be funded by the BHRD.

Lastly, the Highway Department is looking to replace a 2014 International dump truck that will be a total of $330,000 and will take two to three years to receive.

Money will be used from last year's approval of $250,000 from free cash for the replacement of a 2012 highway front-end loader that was underspent $49,261. Town meeting is being asked to approve  a transfer of $53,274.85 from free cash and the use of $227,464 from funds from the Sale of Town Real Estate to fund the balance.

Other free cash proposals include $1,200 to purchase software to support tracking and ongoing maintenance schedules of town-owned vehicles; $42,000 for the replacement of the Highway Department's storage shed roof, $200,000 to reduce the tax levy.

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