From Boston Mayor Michelle Wu's press release:
Building on her commitment to creating affordable housing in Boston, Mayor Michelle Wu today announced a significant investment in creating homeownership opportunities. The Mayor has directed $60 million of American Rescue Plan Act (ARPA) funding to be allocated to the development of income-restricted housing for eligible Boston residents and financial assistance programs to help residents in buying homes. The City will make 150 parcels of land available to developers to build income-restricted homeownership opportunities and will be providing grants that will deliver lower mortgage interest rates and up to $50,000 in direct assistance, including down payment and closing cost assistance, to income-eligible first-time homebuyers. Funding will also be used to launch a homeownership program for qualified Boston Housing Authority residents.
The proposed investments in homeownership are part of the Mayor’s commitment to address housing affordability and stability through the operating budget, the Capital budget, and federal recovery funds to build and acquire new affordable units, upgrade public housing, expand housing stability services, and expand a voucher program.