This is why I have approached both private developers as well as the City’s Department of Housing to see if we can work out a program that helps first-time homebuyers buy condominiums.

I recently worked out a deal with a developer who said that they would reduce their profit on two of their units by a substantial sum to allow moderate income first-time homebuyers to purchase the condominiums.

I have also had several discussions with the Department of Housing to see how we can change the current first time homebuyers programs to include condominiums.

There are several possible options.  We can have small subsidies, low interest loans, low-interest second mortgages, provide tax breaks, and a number of other possibilities.

If we are going to create truly diverse communities along the north lakefront that help foster stability among families, it is vital that we are creative and proactive in coming out with ways to allow moderate income families to live in the communities where they work in public service jobs such as teaching, firefighting and law enforcement.

This is why I am so hopeful that this program will come to fruition.