Since 2018, Madison Park Development has provided numerous homebuying workshops and financial resources to support residents who want to purchase their own home. The training program aims to educate MPDC residents about the homebuying process, provide residents with an economical pathway to building wealth, and create an affordable rental opportunity for another deserving family.
Workshops are provided to allow the residents to assess their level of readiness. The workshops are tailored to provide the current marketing conditions, identify barriers to homeownership, help potential buyers understand lending requirements, and provide information to help buyers find affordable homeownership units and down payment assistance programs.
What is the Next Door Homeownership Program?
As of June 1, 2021, Madison Park Neighborhood Development provides its residents with two forms of financial down payment assistance. Families participating in the Next Door down payment assistance may receive
$100,000 for home purchases in Boston
$50,000 for purchases outside the City of Boston
Madison Park Development Corporation offers residents an individualized development account (IDA) , and the IDA program will provide match savings designed to incentivize participants to save.
Fill out the Next-Door Homeownership Application. MPDC will be accepting new applications in 2024 from June 1, 2024 to July 15, 2024. Residents are welcome to request additional information until the application process reopens in 2024.
Must be a resident of an MPDC property for at least three (3) years, in good standing. (Resident must not be in arrears or behind on rental payments)
Must be a first-time homebuyer
Has not owned a home in the last three years
Must use the purchased property as a primary residency
To Learn More about the Next Door Homeownership Program
Please contact LaQuisa Burke, Manager of Rental and Homeownership Programs, at [email protected] / 617.849.6334.
Homebuying resources offered at MPDC
Homebuyer Education & Readiness Workshops– MPDC provides homebuyer readiness workshops to residents who want to learn more about the home buying process. This 1-hour workshop provides valuable information that allows residents to assess their level of readiness and provides insight into how to find affordable homeownership opportunities. To register for the next round of workshops, pleaseFind a class and registerwith an approved homebuying agency.
Homebuyer Classes– MPDC offers a CHAPA-certified First-Time Homebuyer Class twice yearly. The classes provide an overview of the home buying process and provide information about special mortgage programs for first-time buyers. The workshops will be offered virtually via Zoom, and pre-registration is required at Financial Education Services. Madison Park will offer homebuyer courses in the Fall and Spring.
Homebuyer Counseling Program – To address the hurdles to successful homeownership, MPDC offers a homebuyers club to MPDC and Whittier Street families. There are many obstacles to sustainable homeownership, such as Poor credit histories, excessive debt, lack of funds for a down payment, and unstable employment which can keep families from reaching their homeownership dreams. Counseling and mentorship are for those who are six months or longer away from homeownership and will be provided homebuyer support and one-to-one counseling.
The Homebuyer Club – These financial literacy-focused classes are voluntary and is offered once a month at various times to accommodate different schedules. Each club has approximately fifteen members, a trained housing counselor leading each class, and a one-year commitment for participants. Enrollees attend a one 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 Financial Education Associates.
Family Self-Sufficiency – The Family Self-Sufficiency Program, commonly known as FSS, helps families increase their earnings and build financial capability and assets. Two key features of 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 and the escrow account helps residents build savings that they can use to advance their personal goals. Escrow Funds can be used for employment training, homeownership, or business.
Second, families participating in the FSS program are eligible for Case Management or Coaching. These services can help families access services to overcome barriers to strengthen their financial capability. For more eligibility information, residents should contact their Resident Services Coordinator directly.https://www.joinfss.org/.
Interested in Madison Park Next Door?
Fill out this short form, and the Homeownership Manager from the MPDC Homeownership Team will be in touch shortly!
Interested in Madison Park Next Door?
Fill out this short form and someone from the MPDC Homeownership Team will be in touch shortly!