What We Do

Since 2018, Madison Park Development has provided numerous home-buying workshops and financial resources to support residents who want to purchase their own home. The objective of the training program is to educate MPDC residents about the homebuying process, to provide residents with an economical pathway to building wealth, and to create an affordable rental opportunity for another deserving family.

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.

How We Do It:

·         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 Intiya Ambrogi-Isaza.

·        Homebuyer Classes – MPDC offers a CHAPA-certified First-Time Homebuyer Class twice a year. The classes provide an overview of the home buying process, help identify team members, provide information about special mortgage programs for 1st-time buyers, and provide 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, and unstable employment can keep families from reaching their homeownership dreams. 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 – These 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 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 Intiya Ambrogi-Isaza 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 is to help 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 Madison Park Next Door 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 individualized development account (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 to purchase a home. Savings accumulated in the IDA Program are matched at a 4:1 rate with funds from MPDC.

To Learn More, Please contact Intiya Ambrogi-Isaza at [email protected] / 617.849.6220