To increase the supply of new homes and condominiums that are affordable to buyers with moderate incomes, the Baker-Polito Administration made $60 million available to MassHousing, which in turn is making the funds available to developers.
A main benefit of the program will be more home ownership opportunities for residents of color who are less likely to own a home in Massachusetts. In Massachusetts, the homeownership rate for people of color is half what it is for white residents – a statewide disparity that is the sixth greatest in the nation.
The new program, called CommonWealth Builder, is tailored to builders eyeing new construction in Gateway Cities*, Qualified Census Tracts across Massachusetts and in the City of Boston.
"The name is intentional," says Mark Teden, Vice President for Multifamily Programs. "This is not only a building program for new housing, but also a program that can help people become more financially secure by owning their own home."
*The 26 Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.