Just released: "A New Path to Homeownership" highlights the power of Partnership's ONE+ Mortgage efforts. Click here to read the report.
The Racial Wealth Gap Partnership is a broad-based group of more than 40 members representing sectors including banking and finance, housing, issue advocacy, government, healthcare and life sciences.
Established in late 2022 as part of the Boston Foundation's commitment to racial equity, the Racial Wealth Gap Partnership is a uniquely powerful effort to close racial wealth gaps in the city and region by increasing homeownership in communities of color.
Priorities
Increasing Housing Supply
Lack of adequate housing supply is a fundamental, underlying cause of the affordable housing crisis in Massachusetts. There simply are not enough housing units to meet the demands of Massachusetts residents, especially those with low or moderate incomes.
Expanding Down Payment Assistance
Coming up with the down payment and closing costs for a home is a major hurdle to homeownership. Expansion of these programs and other forms of subsidy can help families overcome these obstacles and save their cash reserves for expenses associated with being a new homeowner, like unexpected repairs.
Increasing Access to Affordable Mortgage Products
Access to affordable mortgage products allows prospective homebuyers the opportunity to make affordable monthly payments resulting in significant cost savings. These cost savings can save families hundreds of dollars a month that they can use for short-term disposable income and long-term savings.
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RESOURCES
Explore these and other documents and web elements on our Resources page
MA COalition for RACIAL EQUITY IN HOUSING
Massachusetts Coalition For Racial Equity In Housing is a movement of affordable housing developers, advocacy organizations, lenders, community based organizations and committed advocates.
MAssachusetts HOusing equity fund
Massachusetts Housing Investment Corporation (MHIC) has announced the launch of its next Low-Income Housing Tax Credit Equity Fund to provide much-needed capital for new construction and rehabilitation of affordable housing properties across the state.
Housing InnovationS Fund
The Housing Innovations Fund (HIF) is a state funded program for non-profit developers to create and preserve affordable rental housing for special needs populations.
Inquiries about the Partnership
Interested in learning more about the Racial Wealth Gap Partnership and how to join the effort?