RDP Program Manager: Katie Cahill-Holloway
CUSTOMER SERVICE: 635-0381

Boston offers a unique opportunity for buying a first home. Its many neighborhoods, each with its own distinctive character, give the home buyer many housing choices and styles. From the gracious Victorian to the famous and practical triple-decker to the more contemporary single family home, there is bound to be a home that catches your eye. If you are a first-time buyer and are shopping for an affordable home, consider purchasing a City-owned property.

The City of Boston Department of Neighborhood Development Residential Development (RDP) Program, makes purchase and rehabilitation of city-owned 1-3 family properties affordable. The advantage of buying a house through RDP is that for the price of an affordable house, you get a fully renovated home that you pick the finishes for (e.g., cabinets, flooring, paint, exterior, etc.). Program staff provide redevelopment assistance from purchase through occupancy.

Since its beginning over a decade ago, 160 homes throughout the City have been renovated through RDP. The renovation of one of our triple-deckers was featured on the PBS television program This Old House. Perhaps you have seen one of our projects under construction with a green "Getting the Job Done" sign posted in front.

We advertise sale properties as they become available, typically in the spring or summer. Ads are placed in the Boston Globe "Real Estate Classifieds" and neighborhood newspapers where the properties are located. During the advertisement period, applications are available and qualified buyers are invited to view the buildings at one of our weekend open houses.

We help you every step of the way. Home buyers are teamed up with an experienced Project Manager and a Construction Specialist who assist them through the entire process involving the financing, sale, renovation and lease-up of properties sold through this program. RDP provides the following financial assistance and project management services:

• Mortgage payments while project is in construction
• Funded contingency reserve
• Construction subsidy as needed
• A low purchase price for properties
• Mortgage pre-qualification and bank application assistance
• Access to favorable interest rates purchase/rehab mortgages
• Assistance in contractor selection and renovation monitoring
• Meet the asset and financing limitations required of all DND homebuyer programs
  Assets Policy Summary

Eligibility
Those interested in purchasing a home through the Residential Development Program should meet the following requirements in order to obtain a MassHousing-funded bank loan for the purchase and renovation of the property.

• Have a total household income between $35,000 and 80% or area median income as defined by HUD for their household size.
• Have a minimum of $6,000 in savings for a downpayment and related expenses (a gift from a relative for an amount above is acceptable) for MassHousing downpayment requirements
• Have a credit history that has been in good standing for the past year. Call 1-866-200-6020 for a complimentary copy of your credit report
• Have a total combined monthly personal and projected mortgage debt that does not exceed 36% of your monthly income (38% if you have completed a first-time buyer course).

Mortgage pre-approval is not required but strongly recommended as it will inform you of your ability to obtain bank financing and the amount of loan you qualify for based on your income.

Contact Information - For more information about the Residential Development Program and to be put on our mailing list to receive notice of our next sale properties:

Please call (617) 635-0381