Roxbury – July 18, 2019 - Over 1,000 first-time homebuyers and friends packed the Reggie Lewis Center in Roxbury on Thursday evening for an exciting announcement of a new affordable mortgage program for Boston residents and continue MAHA's Expand the Pie campaign for more resources for affordable housing.
Mayor Marty Walsh announced the awarding of $3.8 million in Community Preservation Act funds designed to assist low-to-moderate income first time homebuyer in the city of Boston. MAHA and Greater Boston Interfaith Organization applied for CPA funds last year to benefit homebuyers looking to stay in Boston but are frustrated with high prices.
“Since he was elected in 2013, Mayor Walsh has been expanding the housing pie,” said Mattapan resident and MAHA Director of Homeownership Education Symone Crawford. “We stood side by side to pass the Community Preservation Act in 2016 and tonight are thrilled to see some of those dollars go directly to help first-time homebuyers buy a home in Boston.”
“I commend the Barriers to Homeownership Working Group, MAHA and GBIO for their leadership and advocacy in creating this product. Thank you to MHP and the participating lenders for their partnership and commitment to innovation in the mortgage marketplace,” said Mayor Walsh. MAHA partners with the city of Boston to sponsor Homebuying 101 and Homeowner 201 and Condo Owner 202 classes and on creating more opportunities for Boston homebuyers. MAHA will graduate over 2,000 homebuyers and homeowners in 2019.
$3.8 million of Community Preservation Act funds will go to create a new program called ONE+ Boston. ONE+ Boston will increase the buying power of families making below the median income through a combination of lower interest rates and enhanced down payment assistance. This pilot program will launch in the fall of 2019 and be run by the Massachusetts Housing Partnership with funding from Boston’s Department of Neighborhood Development.
“We know that it is tough to buy a home in Boston and our Expand the Pie campaign is all about finding new resources to create more homes we can afford,” said Acia Adams-Heath, MAHA board member. “We are asking he developers who are profiting the most from our building book in Boston to contribute to affordable housing for those being hurt by it.”
MAHA has called for a doubling of linkage fees paid by developers of commercial development, an increase in the percentage of affordable units required for new housing developments and a new tax on multi-million dollar real estate transactions that will raise significant funds for affordable housing.