On September 6, Governor Baker filed a supplemental budget to close out FY2019, which ended with a major revenue surplus. The Governor proposed $10 million to support new production of affordable housing for those with extremely low-incomes (ELI). The Governor also proposed $10 million to support a down payment assistance program for first time homebuyers.
Specifically, the supplemental budget provides for a $10 million operating transfer to the state's Affordable Housing Trust Fund to support ELI housing production.
Also, for the down payment assistance program, the Governor wrote in his filing letter that he was including $10 million for a program that empowers first time homebuyers whose incomes can support a mortgage, but who lack sufficient savings to access the traditional mortgage market. The program will be administered by MassHousing.
The Legislature is expected to take up the supplemental budget this fall.
CHAPA thanks the Governor for including these critical resources in his supplemental budget. We look forward to working with the House and Senate to passing the budget with these programs included.
For the Governor's press release from the budget filing announcement, click here.