Within the pilot program, workshops have been provided to allow the residents to assess their level of readiness. The workshops are tailored to provide the current marketing conditions, identify barriers affecting potential home buyers, help potential buyers understand lending requirements for affordable mortgage products, & provide information to help buyers find affordable homeownership units and down payment assistance programs. From November 2018 to February 2021, MPDC offered 13 workshops to residents interested in purchasing their first home. Almost 200 families received homebuying information and/or training, with 5 families successfully purchasing their first homes within the Boston area with an average purchase price of $495,000. MPDC provided 5 families with a total of $250,000 in down payment assistance towards their purchases.
· Homebuyer Education & Readiness Workshops – MPDC provides homebuyer readiness workshops to residents who want to learn more about the homebuying process. This 1-hour workshop provides useful information that allows residents to assess their level of readiness and provides insight on how to find affordable homeownership opportunities. Participants will learn current market conditions, understand requirements for affordable mortgage programs, and learn how to apply for affordable homeownership units offered within their communities. To register for the next round of workshops, please contact Dwayne Watts.
· Homebuyer Classes – MPDC offers a CHAPA-certified First-Time Homebuyer Class twice a year. The classes provide an overview of the home buying process, helps identify team members, provides information about special mortgage programs for 1st-time buyers, and provides additional information for sustainable homeownership. The workshops will be offered virtually via Zoom and pre-registration is required.
· Homebuyer Counseling Program – At MPDC, we understand the challenges facing our residents and want to support residents who may not be mortgage-ready today. We know that there are many obstacles to sustainable homeownership, especially for deserving low to moderate-income and minority families. Poor credit histories, excessive debt, lack of funds for a down payment, unstable employment can keep families from reaching their homeownership dreams. In an effort to address the hurdles to successful homeownership, MPDC offers a homebuyers club to MPDC and Whittier Street families. This expanded training module is for individuals who are 6 months or longer away from homeownership and provides homebuyer support and one-to-one counseling. The goal is to remove barriers to affordable homeownership with our financial literacy-based curriculum and unbiased information.
· The Homebuyer Club – This financial literacy-focused classes are voluntary, and is offered once a month at various time to accommodate different schedules. Each club has approximately fifteen members, and each class is led by a trained housing counselor. Participants must commit themselves to the program for a period of one year. Enrollees attend a 1 1/2-hour class once a month. Classes are virtual and attendees are encouraged to express their opinions, ask questions, and take part in-class activities. Participants set monthly goals leading to the purchase of a home. There is no charge for the program. Contact Dwayne Watts for the most up-to-date class schedule.
· Family Self-Sufficiency – In addition to homebuyer education and counseling, MPDC also offers the Family Self-Sufficiency Program to its residents. The Family Self-Sufficiency Program, commonly known as FSS, helps families increase their earnings and build financial capability and assets. There are two key features to the FSS Program: First, the FSS program offers a financial incentive for participants to increase their earnings in the form of an escrow savings account that increases as residents’ earnings increase. The goal of the escrow account helps residents build savings that they can use to improve their quality of life and advance their personal goals. Escrow funds can also help participants pay for key services – such as employment training, homeownership, or starting a business. Second, families participating in the FSS program are eligible for Case Management or Coaching. These services can help families access services they may need to overcome barriers to employment, strengthen their financial capability, and address other challenges holding them back from achieving their goals. For more eligibility information, residents should contact their Resident Services Coordinator directly.
· The Next Door DPA program and MPDC IDA program – Madison Park Development currently offers 2 forms of financial assistance to its residents. As of June 1, 2021, MPDC provides down payment assistance to its residents. Families participating in the Next Door down payment assistance may receive $100,000 in down payment assistance for home purchases in Boston & $50,000 for purchases outside of the City of Boston. Madison Park Development Corporation offers an IDA to residents who choose to work towards homeownership. The MPDC Homeownership’s IDA Program will provide a match savings program designed to support income-eligible families seeking to build their financial assets. The goal of the program is to provide participants with incentives to save. Participants in the IDA program may establish a savings account with a qualified financial institution for the purpose of purchasing a home. Savings accumulated in the IDA Program are matched at a 4:1 rate with funds from MPDC.
To Learn More, Please contact Dwayne Watts / 617.849.6326
When your income goes up, so does your rent. This can make saving difficult, if not impossible. The Family-Self SufficiencyProgramis here to change that.
What is FSS? The Family Self-Sufficiency (FSS) Program is a voluntary federal program designed to help you improve your financial future and reach your goals! We have partnered with Compass Working Capital to deliver this program. An opportunity to save your rent increase when you enroll, we establish an account for you called the FSS Savings Account. When you earn more money at work and your rent increases, we will make deposits into this account, which you can use to make progress towards your goals in the program, such as: buying a homepaying for collegesaving for your child’s educationstarting your own small businessbuilding retirement savingsand more One-on-one support to help you reach your goals as part of the program, you also receive one-on-one support from a team of highly trained financial coaches who will help you create a plan and build a more stable financial future! You can work on topics like building your credit, paying down debt, increasing income, and savings. You can also attend optional workshops on a variety of financial topics. The program lasts up to five years, but you can graduate sooner if you complete the program requirements before. Participation in the FSS program does not affect your rental assistance or subsidy.
For more information, visit: joinfss.org
To learn more call Stephanie Nguyen, Compass Program Manager at 617-213-0151 or Dwayne Watts at dwatts@madison-.park.org.