1/ MAHA incoming executive director Symone Crawford issued the following statement today after President Biden and Congressional leaders released the framework for the #BuildBackBetterAct
2/ the agreement includes significant funding for affordable housing, including a first-generation down payment assistance program inspired by MAHA’s STASH matched savings program for first-gen homebuyers. #mapoli#bospoli#FirstGenHome
“3 years ago when we designed the nation’s 1st program for buyers without a family history of homeownership, we never dreamed the concept of targeting #FirstGenHome buyers would go from an idea to the verge of reality in the halls of DC in such a short time. #fromDorchestertoDC
4/What we’ve been doing to close the racial homeownership gap is not nearly enough and down payment assistance in the hands of first-gen buyers – those without the Bank of Mom and Dad – will be a gamechanger for hundreds of thousands of homebuyers throughout the country #mapoli
5/ In Massachusetts we have one of the worst racial homeownership gaps in the country and we desperately need multiple strategies to assist families of color in building intergenerational wealth.
“Massachusetts' historically racialized home mortgage market and resulting racial wealth inequalities indicate a need for programs like STASH, which creates equitable homeownership opportunities for families of color,” said @jittygurl /1 #bospoli#mapolimahahome.org/Dorchester-Bay…
MAHA today announced that the developers of Dorchester Bay City, a joint venture of Accordia Partners, LLC and the Real Estate Group of Ares Management Corporation, have committed $10 million to fund its STASH program for first generation homebuyers. #bospoli#mapoli /2
STASH provides homebuyer ed and matched savings for a down payment on a house in MA. Launched in 2019, the program is the 1st of its kind in the country and serves a population, first-generation buyers that is not widely recognized by policymakers or public. #bospoli#mapoli /3
6 candidates for mayor spent time with our #futureBostonbuyers and discussed expanding homeownership opportunities, increasing access to affordable mortgage programs, funding a first-gen matched savings program, lifting the ban on rent control, and raising linkage fees. /1
.@andreaforboston talks about not being able to afford Roxbury and South End where she grew up. Answers yes to setting goal of at least 20% of city funded units being affordable homeownership for households making $45K and up. #bospoli
“My homeownership journey started with just a thought in 2012 because after paying rent since 2006 I realized that paying someone else’s mortgage was not helping me progress financially for my future. /1 #bospoli#mapoli#firstgenhome#firstgenfriday#blackwomenimpact
Since being on my own financially at 17,I’ve been very conscious of how to spend $ and living on a budget.Once I started paying rent, other…bills I started a spreadsheet and would record my net income and subtract my bills for each pay period./2 #blackwomenimpact#firstgenfriday
In 2013 I came across MAHA’s website and took the first-time home buyer classes, got educated on the process and realized I had to work on my financial situation first. /3 #firstgenfriday#blackwomenimpact#firstgenhome
Ashley Garrett asks about support for ONE+Boston and @wutrain says she will support expansion of this great program. #bospoli
.@wutrain commits to setting a goal of 250 ONE+Boston loans and writing to merging banks asking them to join program #bospoli
Donna King asks @wutrain to adopt goal of 25% of city housing funds going to affordable homeownership. She commits to work with MAHA on this goal. #bospoli
1/10 Announcing our big bold Homeownership Justice Vision, a sweeping 12 point plan to close the racial homeownership gap in Massachusetts. #mapoli#bospoli
2/10 We start with something old and something new! Our most affordable and most race conscious mortgage- the ONE Mortgage @mhphousing - must reach more first time buyers if we are going to close the gap AND our new first gen matched savings program needs to be scaled up. #mapoli
3/10 #expandthepie with linkage, PILOT, and an annual homeownership round @MA_DHCD and build more affordable homes while we strengthen CRA and @CFPB at the federal level. #mapoli#bospoli