TBF joins Massachusetts Housing Partnership and Eastern Bank to launch ONE+ Mortgage Program
The program, which provides down payment and mortgage assistance, launches with $11 milion in support from partners
November 25, 2024
Lynn, Massachusetts—The Massachusetts Housing Partnership (MHP) announced today the launch of ONE+, an innovative mortgage program designed to make homeownership more accessible for low- and moderate-income first-time homebuyers in 29 Massachusetts communities. The program is launching with over $11 million in public and private support led by the Commonwealth, Eastern Bank and the Eastern Bank Foundation, and the Boston Foundation’s Racial Wealth Gap Partnership, a broad-based, cross-industry group of more than 40 leaders aimed at creating and preserving wealth in under-resourced communities across the Greater Boston region, including by making homeownership more affordable.
ONE+ aims to break down barriers to homeownership by providing income-eligible buyers with heavily discounted, fixed 30-year mortgage rates, along with up to $50,000 in down payment and closing cost assistance, and no private mortgage insurance (PMI). This program is available to first-time homebuyers in the 26 Gateway Cities, Framingham, Randolph, and Boston.
“Our administration is committed to making it more affordable and easier for families to afford to buy a home. Homeownership is a crucial tool for building intergenerational wealth and allowing families to build their futures here in Massachusetts,” said Governor Maura Healey. “We’re proud to partner with the Massachusetts Housing Partnership, the Boston Foundation, Eastern Bank and the Eastern Bank Foundation to support this transformative program.”
“As the former Mayor of a Gateway City, I know that ONE+ is going to have a significant impact on our communities by making homeownership more affordable and accessible,” said Lieutenant Governor Kim Driscoll. “Together, we’ll help more families move to and stay in our communities and improve quality of life for us all. We’re grateful for the strong leadership of our philanthropic partners to make this possible.”
“The [Racial Wealth Gap] Partnership’s first investment in the ONE+ program will unlock homeownership opportunities for hundreds of Greater Boston families, but it is just the beginning of our growing commitment to expand down payment assistance and create and preserve wealth in underserved communities and households of color through homeownership.”
M. Lee Pelton, President and CEO
“The ONE+ program will create more affordable homeownership opportunities for first-time homebuyers in our Gateway Cities,” saidHousing and Livable Communities Secretary Ed Augustus. “For far too long, too many of our low-income and minority households have been boxed out of the market. The Healey-Driscoll Administration is committed to helping people achieve the American dream of homeownership and today’s announcement is one step toward creating a more affordable and equitable Massachusetts.”
Speaking on behalf of the Massachusetts Housing Partnership, Clark Ziegler, Executive Director at MHP, said, “We are thrilled to unveil this new initiative, which represents an exciting step forward in expanding access to homeownership. Through our partnership with the Boston Foundation, Eastern Bank Foundation, and other funders, we are able to provide this much-needed support to first-time buyers and contribute to stronger, more vibrant communities.”
The ONE+ program will provide the following key benefits:
- Significantly discounted, fixed 30-year interest rates
- Down payment and closing cost assistance for those who qualify
- No private mortgage insurance (PMI) requirement
- Low down payment requirements
“At the Boston Foundation, we are committed to closing wealth gaps, but it is not work that any entity can do alone. That is why I convened the Racial Wealth Gap Partnership, which brings together housing, financial, nonprofit, philanthropic, and civic leaders on this vital issue,” said Lee Pelton, President and CEO of the Boston Foundation. “The Partnership’s first investment in the ONE+ program will unlock homeownership opportunities for hundreds of Greater Boston families, but it is just the beginning of our growing commitment to expand down payment assistance and create and preserve wealth in underserved communities and households of color through homeownership.”
A $4 million contribution from the Eastern Bank Foundation will specifically support first-time homebuyers in Lynn, Lawrence and Lowell.
Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bank, said, “Providing pathways to homeownership and wealth building are critical parts of our mission as Greater Boston’s leading local bank and when they’re combined, life-changing impact happens. Our decades-long relationship with MHP and original support of programs similar to the ONE Mortgage Program have made homeownership a reality for thousands of low- and moderate-income families. We congratulate MHP on its expansion of ONE+ – especially when the high cost of housing across our region has made buying a home all the more challenging. We are here to do our part in removing the barriers to homeownership, especially in the Gateway Cities of Lynn, Lawrence and Lowell where we have a long-standing focus on supporting economic development.”
Nancy Huntington Stager, President & Chief Executive Officer of Eastern Bank Foundation, added, “Housing is a fundamental human need and we are thrilled to participate in this creative initiative bringing together government, nonprofit and for-profit organizations to focus on helping more people achieve the dream of owning their first home. The ONE+ program is a tangible example of how we can all work together to create meaningful change and support first-time homebuyers in our communities.”
To qualify for ONE+, applicants must be first-time homebuyers, currently reside in one of the 29 designated communities, and meet specific income, asset, and credit score criteria. Additionally, prospective buyers must complete a homebuyer education class and, if purchasing a multi-family property, participate in a pre-purchase landlord course. The program is available to first-time homebuyers in Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, Worcester. Learn more about ONE+ here: www.mhp.net/one-plus.
In addition to funding by the state and the Eastern Bank Foundation, donors involved with the Racial Wealth Gap Partnership have contributed millions to ONE+, including the Boston Foundation, which has added $2 million in support to date, and the State Street Foundation which has committed $1 million. The Racial Wealth Gap Partnership seeks to raise $25 million to close wealth gaps and advance racial equity in homeownership.