On Tuesday this week, Mayor Wu came to the Mass Affordable Housing Alliance (MAHA) headquarters on Dorchester Avenue to highlight a key plank of her larger spending plan: $106 million to support homeownership and affordable housing.
Wu plans to commit $60 million in federal funds through her Office of Housing, support down payment assistance programs, and expand the ONE+Boston Mortgage program.
Symone Crawford, executive director of MAHA, said the mayor is “giving hope to hundreds of homebuyers who fear they might have to leave the city because home prices and interest rates are rising.”
Offerings like ONE+Boston, an income-restricted mortgage program, are tools that “we know work,” Crawford said. About 5,200 people have graduated from MAHA’s first time homebuyer courses in the past two years, she said.
These investments are particularly targeted at historically marginalized homebuyers. According to the city, of the 150 households in the ONE+Boston program last year, about 60 percent were people of color.
The proposed $3.99 billion operating budget also bolsters similar programming, planning for $10.2 million over the next three years toward homebuyer assistance programs.
“Homeownership is crucial to building generational wealth and long-term stability for families,” Wu said in a statement. “We have an opportunity to transform what homeownership looks like in Boston.”