Boston Offering $50K to Help People Buy Homes
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
A new program in Boston is offering families and friends coming together to buy a property up to $50,000 in financial assistance to purchase multifamily homes in the city.
Under the Co-Purchasing Housing Pilot Program, launched last month, the Boston Home Center will provide zero-percent, interest-deferred loans to help cover the cost of down payments for these households, as well as reasonable closing costs for the purchase.
Why It Matters
The country is in the midst of a housing affordability crisis that has hit aspiring first-time homeowners the hardest. Home prices have risen all across the U.S. since the pandemic, and in Boston they are now nearly 80 percent higher than they were in February 2020.
In February this year, the median sale price of a home in the city was $858,000, according to Redfin data—while only 30 years ago, in 1995, you could get a property in the Boston metropolitan area for about $165,000, Jonathan Shaw wrote for Harvard Magazine.
With mortgage rates still hovering around the 7-percent mark and expected to remain above 6 percent through 2025 and 2026, the monthly carrying costs of buying a home remains unaffordable for many—especially younger generations approaching the property ladder for the first time.
What To Know
The Boston Home Center launched the pilot loan program in partnership with the Housing Innovation Lab to help multiple households coming together to buy multifamily homes in the city—a minority of the housing stock in both the country and Boston.
According to Realtor.com data, there were 192 multifamily homes for sale in Boston in April, with a median list price of $1.65 million. That price tag was roughly $450,000 higher than in 2020, the company said, but still more affordable than single-family homes in the city.
Eligible households earning up to 100 percent of the area median income (AMI) could receive up to $50,000 in financial assistance for their down payment, while households earning up to 135 percent AMI could get up to $35,000.
An aerial general view of Boston on August 11, 2024.
An aerial general view of Boston on August 11, 2024.
Billie Weiss/BostonIn order to apply to the pilot program, households must be considered first-time homebuyers and they must contribute to at least 1.5 percent of the purchase price of their share of the property. They also need to occupy the property as their primary residence, have less than $100,000 in liquid assets (excluding government-sponsored retirement accounts), and enter into a co-ownership agreement with the other buyers.
Participants do not have to be current Boston residents, as long as they are willing to buy a property within the city limits and move there within the first 60 days of closing the purchase.
The properties eligible to the program must be two- or three-family homes within the city of Boston and have as many vacant, unoccupied units as participating households listed as joint owners of the mortgage.
Those applying can get a fixed-rate CRA portfolio loan, a conventional loan from Fannie Mae or Freddie Mac, a Federal Housing Administration (FHA) loan, or any other mortgage approved by the Boston Home Center.
Newsweek contacted the Housing Innovation Lab, Boston Home Center, and Mayor Michelle Wu's office for comment by email on Wednesday.
What People Are Saying
A guide released by Boston Mayor Michelle Wu's Housing Innovation Lab said: "Creating new homeownership opportunities is a key priority identified in Boston's 2025 Housing Strategy. As a first objective, the strategy seeks to broaden financial assistance for homebuyers and current homeowners, particularly for residents who identify as Black, Indigenous, and people of color."
Wu said: "Boston's housing market has created significant barriers for middle-income families, particularly those from historically marginalized communities. Through the Co-Purchasing Pilot Program, we are creating opportunities for residents to pool their resources and build generational wealth together. This program represents one of many steps toward ensuring Boston remains a city where everyone can thrive."
Jessica Ingram-Bee, a Boston-based real estate agent, told Boston Orange: "Many first-time buyers in Boston are financially ready to own, but face steep prices. This initiative offers a way to pool resources and increase buying power, making homeownership accessible to those who might otherwise be priced out."
She added: "Beyond the financial benefits, it can also foster a sense of community—allowing friends, couples, and families to share responsibilities and create an affordable living arrangement.
"I've heard successful co-buyers talk about babysitting for each other, sharing child care, and even coming together for weekly dinners. This model not only helps people afford a home, but also fosters a sense of community and mutual support. That is so needed in today's world."
What Happens Next
The program is currently accepting applications. For more information, visit the program's webpage.
Are you a Boston resident trying to buy a home for the first time? I'd love to hear about your experience. Contact me at g.carbonaro@newsweek.com
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