Take the bus, buy a house Fannie Mae's Dru Pasley explains the Green Bay Smart Commute Initiative during a news conference Thursday. Also participating are Pioneer Credit Union President Thomas Young, (left), and Rep. Mark Green.(photo by H. Marc Larson). A new program could help homebuyers - if they use transit By Ray Barrington News-Chronicle A lot of rental ads trumpet apartments' close proximity to bus lines. Now, some home sellers may do the same thing - and the buyers could save money because of it. A push to boost transit ridership is the key to the Green Bay Smart Commute Initiative, announced Thursday by a partnership of area lenders, the city and Fannie Mae, the national lending association. The plan is to offer aid to people buying houses within a quarter mile of a bus stop (in other cities, that would include light rail or other transit services. Under the program, eligible home buyers who choose a home within a quarter-mile of a Green Bay Metro Transit bus stop (including those in Ashwaubenon, De Pere and other outlying areas) will be able to add a portion of their anticipated transportation savings to their qualifying income, which could increase a borrower's home-buying power. The borrower can add $200 a month to income for one wage-earner households, $250 a month for two wage earners. Borrowers do not have to give up their cars. "It is based on a simple principle," said Dru Pasley of Fannie Mae. "If you spend less money commuting, you can spend more on housing." "This answers a call in our community," said Mayor Jim Schmitt. "We have a quality transit system in Green Bay, we have quality lending institutions and housing stock available." U.S. Rep. Mark Green said the plan could "break down some of the barriers that hold people back." "Folks are going to be able to dramatically increase their purchasing power when getting a mortgage," he said. Dennis Hogan, regional president of Associated Bank, one of the two participating lenders in the program, said it would not only help sell houses in the designated areas, but nearby ones as well by encouraging ownership. "Not only is this a benefit to the people who are buying the home, but it's a benefit to the entire metro area. By encouraging the use of public transit, we reduce traffic congestion, improve air quality and conserve resources," he said. Pioneer Credit Union is the other participating lender. Neighborhood Housing Services of Green Bay and the Realtors Association of Northeast Wisconsin also are involved in the program. There's another bonus, thanks to Green Bay Metro - people taking advantage of the program get a free two-month bus pass after loan closing and another four months at half-price. Pasley said Green Bay was one of the first communities in the nation to get the new program as it is rolled out by Fannie Mae. "The extra buying power that comes from the Smart Commute Initiative is particularly valuable in a county like Brown County, where the average resale home price is $148,000," she said.