To the editor:
Dear Friends and Neighbors, I am currently running for Peterborough Planning Board and agree with many others, that the biggest problem facing Our Town is the lack of affordable housing.
I’ve noticed that a target price for “affordable” never seems to be defined and that the $300k-plus cost of currently available new construction is out of reach for many of us. I did some home affordability calculations on the Zillow.com website and found that for an individual earning $50,000/year, at prevailing 30 year mortgage interest rates, Peterborough property taxes, a $5k downpayment and using the generally accepted maximum 30 percent of monthly income permitted for housing during lender mortgage qualification, that the “affordable price” would be approximately $110,500 (not including a condo fee which would further reduce that price).
When planning for affordable housing, we need to be mindful of a target price so that we can provide homes that are actually “affordable” for people who are starting out or trying to downsize. I think that we should look at existing commercial properties, close to downtown, that could potentially be recycled into micro-homes of less than 500 square feet, similar to what they have in Boston’s Seaport District. This approach could give us a starting point for providing a much needed resource for our community.
Judy Wilson Ferstenberg
Peterborough