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If You're Dreaming of Homeownership, Boston Has a $50K Incentive For You - But There's A Catch

For many future homeowners, the American Dream is still just a dream. In recent years, a lack of inventory and high home prices have kept many would-be first-home buyers on the sidelines, waiting to seize the perfect opportunity. If you're still determined to get a piece of the American Dream, the city of Boston may have an ideal opportunity waiting for you. SIGN UP for the Dengarden / Parade Home & Garden newsletter for a weekly dose of our favorite house hacks, decor trends and shopping deals If you don't mind living with a few friends or relatives, there is a Boston Co-Purchasing Housing Pilot Program that recently launched that may help you purchase a home. This purchasing program offers up to $50,000 to help families purchase multi-family dwellings. According to Alexander Sturke, Director of Communications for the Mayor's Office of Housing, Boston's housing market has become increasingly inaccessible to many, particularly those from marginalized communities. This pilot program has been designed to help combat the housing crisis and help middle-income families have a pathway to affordable homeownership.A lack of inventory is one of the primary reasons single-family homes in Boston have become so expensive. As a result, multi-family homes have become a much more desirable option. They tend to be more affordable than single-family homes. Although multi-family homes in Boston are still relatively high compared to those nationwide, this new pilot program aims to offset some of the high costs associated with them. This program enables multiple individuals to pool their resources and live together. Those applying for the program must earn less than 135% of the area's median annual income and be first-time home buyers. The program applies to those purchasing homes in Boston neighborhoods, and each person must use the same approved lender. Each household can qualify for up to $50,000 in financial assistance. Other eligibility requirements apply. To learn more about this program, visit the Co-Purchasing Housing Pilot Program Eligibility Criteria on the City of Boston website. If You're Dreaming of Homeownership, Boston Has a $50K Incentive For You - But There's A Catch first appeared on Dengarden on May 28, 2025