Co-Purchasing Housing Pilot Program
We’re piloting a new program to help households come together to purchase multifamily homes.
The Boston Home Center, in partnership with the Housing Innovation Lab, is piloting a new loan program to support households coming together to purchase multifamily homes in Boston. The pilot program will provide zero-percent interest deferred loans (payable upon sale, transfer, or refinance) to help cover the costs of the down payment and reasonable closing costs for the purchase of multifamily properties.
- Eligible households earning up to 100% of the Area Median Income may receive up to $50,000
- Eligible households earning up to 135% of the Area Median Income may receive up to $35,000
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12 CHANNEL STREET
9TH FLOOR
BOSTON, MA 02210
PROGRAM ELIGIBILITY CRITERIA
Each household must:
- Be considered a “First-Time Homebuyer,” and have completed CHAPA-approved First Time Homebuyer courses (HB 101 & 201)
- Contribute at least 1.5% of the purchase price of their share of the property of their own funds
- Agree to occupy the home as their primary residence
- Have less than $100,000 in liquid assets (excluding government-sponsored retirement accounts)
- Enter into a “co-ownership agreement” (described in the City’s Guide to Co-Purchasing)
Eligible properties must be:
- A two or three family home located in the City of Boston
- Have as many vacant, unoccupied units as participating households listed as joint owners on the mortgage
Eligible mortgage products include (NOTE: buyers must work with one of the City's approved lenders):
- Fixed-Rate CRA portfolio loans
- Conventional loans from Fannie Mae or Freddie Mac
- Federal Housing Administration (FHA) loans
- Any other mortgage product approved by the Boston Home Center
THE CO-PURCHASING PROCESS
HOW TO ENGAGE
Take a few minutes to fill out the Co-Purchasing Survey, or explore our Guide to Co-Purchasing and Program Guidelines.
RESOURCES
WHY WE’RE DOING THIS
Boston’s current supply of for-sale housing is largely unaffordable to middle-income households, fueling disparate rates of homeownership, and its associated benefits, by race. In 2024, the median sales price of a market rate (unrestricted), two-bedroom condominium in Boston was approximately $790,000. After maximizing all city down payment assistance, closing cost, and interest rate reduction resources, a family in Boston earning the median income ($106,015) has a maximum purchasing power of approximately $500,000. Yet in 2024, only 12% of homes sales on the Boston market were priced under $500,000.
This reality fuels our exploration of the following question:
How might we unlock more market-rate homeownership opportunities in Boston for middle-income households?
THE CASE FOR A CITY-SUPPORTED CO-PURCHASING PROGRAM
In November 2024, we distributed a survey to learn from people who are interested in, or have successfully co-purchased, about their experiences with co-purchasing.
When asked to identify barriers they’ve faced, 55% of respondents selected “I don't have enough savings for the down payment and closing costs.”
“If we pursue co-ownership, then we cannot avail ourselves of first time homebuyer programs that we would qualify for if we were trying to buy as individuals.”
–Survey Respondent
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12 CHANNEL STREET
9TH FLOOR
BOSTON, MA 02210
