![]() The agencies have already been offering mortgage assistance in smaller amounts but the ARPA funding will allow them to reach hundreds, if not thousands, more would-be buyers, said Schmiedl. MHP and MassHousing will dole out the assistance to qualified applicants through their discounted mortgage products. “So this program isn’t just about achieving homeownership, but it’s also about helping folks sustain it, so that they don’t end up in a property that they can’t afford down the road.” “By helping with things like closing costs, we’re helping people keep money in their pocket, so that when they purchase they’re not buying a new home with zero dollars in their savings account,” said Elliot Schmiedl, the director of homeownership at the Massachusetts Housing Partnership, one of two quasi-state agencies that will handle the funding. People making between 100 and 135 percent of the AMI could receive up to $35,000. ![]() Would-be buyers making less than 100 percent of the area median income - $140,200 for a family of four in Boston, for example - will be eligible for up to $50,000 in assistance, though aid will vary based on their community’s home prices. ![]()
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