More than 200 low-income families are eligible for down payment and closing cost assistance to purchase their first homes, with the launch of a public-private program intended to close homeownership and racial wealth gaps in Massachusetts.
The ONE+ program, which Gov. Maura Healey, Lt. Gov. Kim Driscoll, Housing Secretary Ed Augustus, and other local and state officials announced in Lynn on Monday, expands on the ONE Mortgage Program previously offered by the Massachusetts Housing Partnership .
The existing program already offered financial assistance to low-income potential homebuyers, including heavily discounted, fixed, 30-year interest rates; no private mortgage insurance; and a lower down payment requirement. The ONE+ program envisions with up to $50,000 in down payment and closing cost assistance to the limited number of eligible families.
The expansion, called ONE+, is an $11 million effort from The Boston Foundation, Eastern Bank, State Street Bank and the state.