Grants will be given as a 2-to-1 match, meaning that eligible homebuyers must contribute $2,500 of their own money to receive the full $5,000, and they must also earn less than the area median income,
Boston is giving $3 million in City funds to help residents who are at risk of losing their housing pay their rent during tough economic times caused by the coronavirus.
Boston Mayor Marty Walsh announced Friday the largest slate of affordable housing funding for the city since he took office, totaling $69.2 million. The money will contribute to creating and preserving more than 1,000 housing units.
First-time home buyers may face some financial relief thanks to a new program from MassHousing. The program will benefit these buyers by financing a down payment of 3 percent of the price they purchased the house for, or $12,000, whichever is less. Borrowers will later have to pay back the cost of the down payment with a low-cost secondary mortgage requiring no cash up front.
