Program launches with over $11 million in public and private support from the Commonwealth, the Boston Foundation’s Racial Wealth Gap Partnership, and Eastern Bank and the Eastern Bank Foundation
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.”
EDITOR’S NOTE: LCTV recorded the full press conference in Lynn announcing this program, which will be made available soon. When finished this article will be updated to include a link.
“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. 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.”
Lieutenant Governor Kim Driscoll
“The ONE+ program will create more affordable homeownership opportunities for first-time homebuyers in our Gateway Cities,” said Housing 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
The Boston Foundation
“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.”
Eastern Bank and the Eastern Bank Foundation
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.”
ONE+
o 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.
For more information about ONE+, visit www.mhp.net/one-plus or contact Callie Clark at cclark@mhp.net or (857) 317-8524.
About the Massachusetts Housing Partnership (MHP):
MHP is a public nonprofit affordable housing organization that works in concert with the Governor and the Executive Office of Housing and Livable Communities (EOHLC) to increase the supply of affordable housing in Massachusetts.
About The Boston Foundation:
The Boston Foundation is one of the nation’s first and most impactful community foundations. Partnering with community members, donors, the public sector, businesses and nonprofits, we exist to close the gaps caused by our city’s greatest disparities, to advance economic justice, and to help build a better Boston. TBF is also one of New England’s largest grantmakers, supporting nonprofits in Greater Boston through our endowment and working closely with our donors to support nonprofits locally, nationally and internationally. Learn more at tbf.org.
About Eastern Bank and the Eastern Bank Foundation:
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. Celebrating its 30th anniversary in 2024, Eastern Bank Foundation, the philanthropic arm of Eastern Bank, actively listens to and partners with our neighbors and fellow changemakers across nonprofit, for-profit, and government sectors to further community vibrancy and promote structural change. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com.
About The Racial Wealth Gap Partnership
The Racial Wealth Gap Partnership is a broad-based group of more than 40 housing, financial, nonprofit, philanthropic, and civic leaders. It aims to create and preserve wealth in underserved communities and households of color across the Greater Boston region by uncovering the impact of racism and discrimination in housing and advancing racial equity in homeownership.
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