Boston Housing Authority Helped 48 Families Buy Homes in One Year Under Voucher Program

BOSTON -- April 16, 2024, Boston's homeownership voucher program helped 48 families buy homes in roughly one year, up from just 24 over the prior 12 years combined. The Boston City Council's Committee on Housing and Community Development held a hearing Tuesday on Docket 0176, filed by Councilors Brian Worrell and Liz Breadon, where BHA Director Kenzie Bach told the panel that $2 million in ARPA down-payment assistance, stacked with the city's $50,000 Boston Home Center grants and the OnePlus Boston Mortgage Program's below-market interest rates, has delivered what she called a roughly 25-fold increase in annual closings. Of the 48 families served, 43 bought homes inside Boston, primarily in Hyde Park and Dorchester, and only four purchased deed-restricted properties. With approximately $850,000 remaining, Bach said the program can fund roughly 34 more families before ARPA money runs dry by the end of 2024, adding that the BHA is running at a pace of about $1.5 million in down-payment assistance per year and is actively seeking new grants to sustain it. Realtor Joanna Edwards of Thumbprint Realty, who has closed eight BHA voucher transactions, noted buyers have been securing interest rates around 4.5 percent against a market hovering near 7.2 to 7.5 percent, and have had to offer between $20,000 and $50,000 over asking to compete in the Boston market.