The Cash-to-Fix program provides rehab funding of up to $50,000 to eligible homebuyers for assistance with needed repairs of 1- to 3-family foreclosed homes and 1- to 6-family foreclosed condominium properties.

What are the benefits?

• Take advantage of limited time financial assistance: the City cover the cost of up to $50,000 in necessary health and safety renovations in the form of a 0% deferred loan, and will cover the cost of that mortgage while renovations are underway for up to 3 months
• Receive technical assistance with contractor selection, monitoring work quality and post-renovation inspections

Who is eligible?

• Must be a graduate of Homebuying 101 prior to closing
• Buyer must complete a Homeowner 201 Course within the first year of ownership
• Must not own any other property at the time of purchase
• Buyer must agree to make this home your primary residence for as long as you own it
• Must be able to contribute at least 3% of their own funds toward the purchase price
• Must use one of the Boston Home Center’s approved purchase/rehab mortgage lenders, listed below:

• Must have a household income that does not exceed 120% of Area Median Income as determined by the U.S. Department of Housing and Urban Development (HUD) View HUD Income Eligibility Requirements
• Must adhere to the following Cash-to-Fix renovation subsidy terms, which is provided in the form of a 0% deferred loan for up to ten or fifteen years based on funding amount:

What properties are eligible?

• Single-family, two-family, and three-family homes, or one- to six-family foreclosed condominium properties located in the City’s NSP-eligible neighborhoods of Dorchester, East Boston, Hyde Park, Mattapan, and Roxbury. 

• Eligible properties must require at least $10,000 in repairs but may not exceed $60,000 in required repair costs.  (The additional $10,000 in rehab costs above the City’s $50,000 loan contribution will be financed through the buyer’s bank loan or buyer savings.)

 
How do I apply and What happens next?

1. Attend a Financial Assistance Workshop 
   Interested potential buyers should sign up for the Financial Assistance Workshop to learn about the various financial assistance programs available – including Cash-to-Fix.
   
   
2. Graduate from an approved homebuyer education program
   Interested potential buyers may take Homebuying 101 at any time prior to purchase, but this may be a good place to start the process. View the list of approved homebuyer education providers.
   
   
3. Meet with a participating mortgage lender to learn what you can afford

4. Shop for a home
   Now you can shop for an eligible foreclosed home knowing how much of a loan you may be able to afford and what benefits and responsibilities accompany the Cash-to-Fix funding. Check the eligibility of the property you are interested in on our NSP Eligible Property Locator for Homebuyers and Homeowners or by calling the Boston Home Center at 617.635.HOME.
   
   
5.  Get a home inspection
   Once you have found an eligible property that you wish to purchase, have a formal home inspection done to determine exactly what home repairs are needed and an estimation of what they might cost.

6. Apply to the City of Boston for Cash-to-Fix funding
   Pick up an application at the Boston Home Center or download the Cash-To-Close Limited/Cash-To-Fix application and submit it with all required documentation to the Boston Home Center. After review and if you meet program requirements, you will receive a letter stating that you are eligible for NSP funds. Review of your application will take an estimated two weeks.  

7. Work with the Boston Home Center to identify a general contractor to renovate your new home
   
   A Boston Home Center Construction Specialist will have surveyed the property and identified necessary repair items, which they will now review with you for your approval.
   
   The Construction Specialist will then assist you in finding a general contractor through a process of inviting licensed, insured, independent contractors to give a bid price on the specifications on your behalf. The accepted low bid contractor will be selected to perform the repair work.  (Buyers are also welcome to invite a qualified company known to them to bid independent to DND’s assistance.)
   
   After a general contractor is selected, the Boston Home Center will assist with the preparation of the rehab contract between the buyer and the selected contractor, stating that he/she is responsible for completing the renovation as specified in the scope of work.
   
   The Boston Home Center will then host a pre-closing construction planning meeting to determine the permitting and construction schedule.

8. Seek final approval from your lender
   Once a contractor is selected and a final repair cost is established, your mortgage lender will complete their appraisal and underwriting process of your purchase/rehab loan application.  Once you receive a letter of approval from your lender, a closing can be scheduled.

9. Close on the Cash-to-Fix home
   The buyer will close on both his/her loan from the City and from the lender at the same time. Construction on the property will begin immediately after closing. The Construction Specialist will help you to monitor the renovation from the start of construction – until it is ready for you to move in.

10. After an estimated 60-90 construction period - move into your newly renovated home!
    

Have questions?

For more information about the Cash-to-Fix program, call:

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