Post date: Nov 14, 2017 11:4:4 AM
The Affordable Mortgage Plan which our project is looking to create has made a lot of progress. We have had many meetings to determine what this plan requires. One of which was a meeting with a Venetian banker who helped us determine proper interest rates and what a mortgage in the historic city would look like. This gave us insight to different options decided by whether our startup company or the resident holds the mortgage. Along with the classic mortgage plan which will be supplemented by tourist stays, we have also developed plans which only loan the down-payment and are also supported by vacation rentals. In all of these structures we have also evaluated the income which the startup will have and how many jobs can be supported under these different mortgage plans. The overall goal of these payment plans is to make the property affordable for residents but a job must be supported to run the startup.