Massachusetts Awards $1.5 Million in Foreclosure Counseling & Homebuyer Education Grants
On April 22, the Baker-Polito Administration’s Division of Banks (Division) awarded $1.5 million in grants to fund first-time homeownership education programs and foreclosure prevention counseling centers throughout the Commonwealth. A total of 20 awards were made to 10 foreclosure prevention regional centers and 10 consumer counseling organizations.
The grants assist homeowners who are experiencing some type of financial hardship, often caused by either a loss of or reduction in income or a medical issue, as well as prospective homebuyers who are determining if homeownership is right for them. The Division administers funding of these grants with fees associated with the licensing of mortgage loan originators.
The counseling awards were created through Chapter 206 of the Acts of 2007 – a law that CHAPA helped enact through advocacy with the Massachusetts Association of Community Development Corporations (MACDC) and the Massachusetts Affordable Housing Alliance (MAHA).
In 2018, the Regional Foreclosure Centers assisted almost 4,800 clients, helping 84% of these clients to avoid foreclosure. Homebuyer education was provided to almost 2,700 clients. This counseling helped prospective homebuyers make an educated decision on when to purchase a home. It helped homebuyers secure affordable and sustainable mortgage loans - only .02% of these clients purchased a home with a subprime mortgage.
Since the inception of the grant program in 2008, the Division has awarded more than $13 million to organizations that have been able to assist over 48,000 consumers thanks to these grants. The following organizations are receiving Chapter 206 grant awards for 2019:
|
Regional Foreclosure Education Centers |
Geographic Area Served |
2019 Award |
|
City of Boston Department of Neighborhood Development |
Boston and vicinity |
$191,357.79 |
|
Fairmount Indigo Line Community Development Corporation / Codman Square Neighborhood Development Corporation |
Boston, Everett, Revere, Brockton, Malden, and Randolph |
$78,262.17 |
|
Homeowner Options for Massachusetts Elders (H.O.M.E.) |
Statewide |
$100,710.77 |
|
Home Preservation Coalition of the Merrimack Valley |
Merrimack Valley |
$110,706.12 |
|
Neighborhood of Affordable Housing, Inc. (N.O.A.H.) |
Boston and North Shore |
$88,666.97 |
|
NeighborWorks Southern Massachusetts |
Brockton, New Bedford, and Southeast Massachusetts |
$115,900.39 |
|
NeighborWorks Home Ownership Center of Central Massachusetts/Oak Hill Community Development Corporation |
Worcester |
$187,286.35 |
|
South Middlesex Opportunity Council, Inc. (SMOC) |
Framingham |
$42,838.81 |
|
Urban Edge Housing Corporation |
Roxbury, Hyde Park, Roslindale, Mattapan |
$66,984.28 |
|
Way Finders, Inc. |
Springfield, Berkshire, and Hampden Counties |
$187,286.35 |
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Consumer Counseling Organizations |
Geographic Area Served |
2019 Award |
|
ACT Lawrence, Inc. |
Lawrence |
$60,477.20 |
|
Allston Brighton Community Development Corporation |
Allston and Brighton |
$15,560.59 |
|
Catholic Social Services of Fall River, Inc. |
Bristol County, Cape Cod, Provincetown, Nantucket, and Martha’s Vineyard |
$87,074.26 |
|
Chelsea Restoration Corporation |
Chelsea, Revere, Saugus and the surrounding communities |
$32,981.67 |
|
Ecumenical Social Action Committee, Inc. (ESAC) |
Boston and Eastern Massachusetts |
$17,896.56 |
|
Gloucester Housing Authority |
Cape Ann |
$16,446.01 |
|
Lawrence Community Works, Inc. (LCW) |
Lawrence |
$42,652.63 |
|
Merrimack Valley Housing Partnership, Inc. |
Lowell |
$18,084.95 |
|
Quincy Community Action Programs, Inc. (QCAP) |
Greater Quincy, Weymouth, Braintree, Milton, Randolph |
$17,237.22 |
|
Valley Community Development Corporation |
Northampton |
$21,588.91 |