MassHousing has successfully secured $44.6 million in financing through its CommonWealth Builder Program for six upcoming homeownership development projects. These initiatives will result in the construction of 220 affordable homes, specifically targeted towards first-time homebuyers with moderate incomes residing in communities of color. The developments include Acre Crossing located in Lowell, 120-122 Hancock Street situated in Dorchester, 270 Talbot Avenue also based out of Dorchester, Northampton Residences found within Roxbury, Preserve at Olmsted Green situated within Mattapan and Stonley Brookley located within Jamaica Plain.
The primary objective behind the CommonWealth Builder Program is to bridge the racial gap prevalent among homeownership rates across Massachusetts by creating new opportunities for individuals belonging to communities of color. This program provides subsidies for developing homes that cater to buyers with incomes ranging from 70% to 120% of their respective Area Median Income (AMI).
