Homeownership Stabilization Campaign Programs to Support Existing Homeowners: $4.2M

• HomeWorks HELP (Home Equity Loan Program) – A program that provides a deferred payment, zero interest home equity loan of up to $8,000 for critical home repair and maintenance work to eligible homeowners. One-third of the loan is forgiven after 5 years of owner-occupancy. Even owners with zero or negative home equity may apply.
  


• Priority Properties Fund – A targeted program that is designed to support local housing markets by addressing key, visibly distressed properties to deter vagrants or criminal activity and reduce blight in the neighborhood. Eligible homeowners in NSP areas are provided rehab funding to help address the need for significant repairs.
  
  
  

Homeownership Stabilization Campaign Programs to Support the Market by Creating New Homeowners: $7.4M

• Cash-To-Close LIMITED – A program that offers eligible homebuyers of foreclosed properties within NSP areas financial assistance of either $15,000 or $25,000 in the form of a ten-year conditional loan.
  


• Cash-to-Fix – A program that provides rehab funding of up to $50,000 to eligible homebuyers for assistance with construction and renovation of 1- to 3-family foreclosed homes and 1- to 6-family foreclosed condominiums.
  


• Cash-To-Fix SALES – A program that offers homebuyers the opportunity to purchase a City-acquired foreclosed home at an affordable price for which they also receive financial and technical rehab assistance from the Boston Home Center to cover needed renovations before they move in.
  


• Purchasing Foreclosed Property Seminar – A free seminar for homebuyers to learn everything there is to know about the foreclosure buying process; from finding the right foreclosed property and understanding the sales process involved, to knowing the legal issues, to choosing the right mortgage, and taking advantage of home repair resources.
  


• Housing Fairs – The Boston Home Center continues to host one-stop-shopping ‘fairs’ at which potential homebuyers have access to local realtors and their foreclosed property listings, in addition to mortgage lenders, nonprofit housing councilors, and the City’s housing staff, among other resources. Interested buyers can learn about a host of financial and technical resources available to them through various City programs. Three fairs have been held to date.
  


• REO Property Fund: Turnkey Ownership – A program through which gap funding is provided to contractors, developers and non-profits that acquire distressed bank-foreclosed properties located in high-foreclosure areas and intend to renovate the property for eventual sale to an income qualified homebuyer as their primary residence. Approximately $50,000 per unit or about $150,000 per project is available.
  


• Distressed Property Fund: Turnkey Ownership (LIMITED) - Within designated FIT areas of the city, gap funding is provided to contractors, developers, and non-profits to acquire and renovate visibly distressed non-REO properties. The completed properties will be sold to income qualified first time homebuyers as their primary residence. Approximately $50,000 per unit or about $150,000 per project is available.
  


• In addition to these new initiatives, the City continues to support the city’s homeowners with $6 million in existing programs run by the Boston Home Center, including lead abatement assistance, home repair and renovation assistance for seniors, emergency repair services, foreclosure prevention assistance, and homebuyer educational and technical services.
  

For more information about Boston’s Homeownership Stabilization Campaign funding, contact:

The Boston Home Center
Department of Neighborhood Development
Phone: 617.635.HOME (4663)
Email: HomeCenter.DND@cityofboston.gov



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