BOSTON - Friday,
April 30, 2021 - Building on her commitment to equity and stable housing in
Boston, Mayor Kim Janey today announced that the City's Community
Preservation Committee (CPC) awarded $5 million, for inclusion in the FY’21
funding round of the Community Preservation Act (CPA) to the Boston Home
Center’s ONE+Boston First-Time Homebuyer Program. The
ONE+Boston program gives income-qualified, first-time Boston homebuyers a
greater ability to purchase a home in Boston by combining a discount on a
low-interest rate mortgage product with down payment/closing assistance.
The ONE+Boston program includes the City’s first affordable mortgage
product to be created specifically for low- and moderate-income first-time
homebuyers who currently live in Boston.
The vote on the
Mayor's recommended slate of projects for Community Preservation Funding
was approved by the Boston City Council on Wednesday, March 31st. This
additional funding will create more homeownership opportunities for low-
and middle-income families and families of color. The ONE+Boston program
was created by a partnership between the City of Boston, the Massachusetts
Housing Partnership (MHP), the Massachusetts Affordable Housing Alliance
(MAHA), and several participating banks.
“The ONE+Boston
program creates opportunities to make the dream of owning a home a reality
for many Boston residents,” said Mayor Janey. “I want to thank the
Community Preservation Committee for their support to expand the ONE+Boston
Homebuying Program for qualified first-time homebuyers. The ability for
families to purchase a home for a lower rate will increase generational
wealth and help address income disparity, thus creating pathways for equity
and wealth building in our communities.”
The City of Boston
funds generated from the Community Preservation Act will finance a
permanent reduction in the interest rate of a 30-year fixed-rate mortgage
and offer downpayment/closing cost assistance for income-eligible residents
buying their first home within Boston. The interest-rate reduction means
new homebuyers can afford a larger mortgage at a lower monthly payment that
is still affordable to them, and ultimately, translates into more buying
power for the new homebuyer. Five of the Boston Home Center’s Participating
Lenders currently offer the Boston ONE+ Program: Boston Private Bank,
Santander, Cambridge Trust, Citizens Bank, and the City of Boston Credit
Union.
“Thousands of Boston
families, including mine, have benefited from the then Soft Second, now the
ONE+ program, which was originally developed 30 years ago to address racial
disparities in lending,” said Symone Crawford, Director of Homeownership
Education for MAHA. “Today, we are excited to build on that program with
Mayor Janey, MHP, and participating banks which will help Boston residents
buy in Boston and will help us make progress in closing the racial
homeownership gap."
ONE+Boston was
created to enhance the purchasing power of first-time homebuyers earning
less than 100% of Area Median Income (AMI), or $95,200 for a two-person
household. Homes purchased through this program may be market-rate, or
income-restricted.
“Thanks to the
commitment of CPA funds, ONE+Boston will expand our ability to help
moderate-income households and people of color,” said Elliot Schmiedl,
MHP’s homeownership director. “We’re thrilled to partner with Mayor Janey
and the Boston Home Center to help more people build wealth through
homeownership in Boston.”
Since ONE+Boston was
rolled out in June 2020, the Boston Home Center has received and processed
more than 240 applications, and more than 70 Boston residents have
successfully purchased new homes. Of these new homebuyers, more than 70% of
those helped by the ONE+Mortgage Program are households of color, and 60%
of the new homebuyers earned at or below 80% of AMI or $76,200 for a
two-person household.
"As a first
time home buyer nothing is more stressful than navigating the home buying
process." said Gisell Bello, a resident of Roxbury buying a home in
Hyde Park. "The ONE+ Program and the Boston Home Center gave me the
support, knowledge, and funding to help me purchase a beautiful new home
for my family in a neighborhood I love. I would not have been able to buy
this home without this program and the help of Urban Edge throughout the
buying process. My children and I are so happy with the outcome. I
can't thank the Boston Home Center and Mayor Janey enough for their
commitment to the ONE+ Program."
The ONE+Boston
program is one of several city resources available to first-time homebuyers
in Boston. Through the Boston Home Center, the City’s one-stop-shop for
homebuyers and homeowners, residents can receive assistance in purchasing,
improving, and keeping their home through a suite of resources including
training, financial help and counseling to first-time homebuyers, guidance,
and funding for homeowners for home improvements, and counseling to help
families avoid foreclosure. The Home Center also markets homes developed
for income-eligible, first-time homebuyers.
For more information
about how to apply for the ONE+Boston program, go here.
About the Department
of Neighborhood Development (DND)
The Department of
Neighborhood Development is responsible for housing people experiencing
homelessness, developing affordable housing, and ensuring that renters and
homeowners can find, maintain, and stay in their homes. As part of the
ongoing coronavirus response, the Office of Housing Stability is also
conducting tenant’s rights workshops to educate residents about the
eviction moratorium and their rights. The Boston Home Center continues to
provide down payment assistance to first-time home buyers and home repairs
for seniors and low-income residents. The Supportive Housing Division works
with various partners around the city to rapidly house individuals who are
experiencing homelessness. For more information, please visit the DND website.
About the Community
Preservation Act (CPA)
After Boston
voters adopted the CPA in November 2016, the City created a Community
Preservation Fund. This fund is capitalized primarily by a one percent
property tax-based surcharge on residential and business property tax bills
that began in July 2017. The City uses this revenue to fund initiatives
consistent with statewide CPA guidelines: affordable housing, historic
preservation, and open space and public recreation. The funding of any
project requires a recommendation from the Community Preservation Committee
and appropriation by the City. For more information, please visit the Community Preservation webpage.
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