Boston Launches New Co-Purchasing Housing Pilot Program

The Boston Home Center, in partnership with the Housing Innovation Lab, has begun a new pilot loan program to help households buy multifamily homes in Boston. The new program will offer zero-percent interest deferred loans (payable upon sale, transfer, or refinance) to help individuals cover the costs of the down payment and reasonable closing costs to purchase multifamily properties.

According to a City of Boston news release, the program aims to help create more market-rate homeownership opportunities in Boston for middle-income households. The city notes that Boston's current supply of for-sale housing is largely unattainable for middle-income households. 

According to the city, in 2024, the median sales price of a market rate (unrestricted), two-bedroom condominium in Boston was approximately $790,000. After taking advantage of all city down payment assistance, closing cost, and interest rate reduction resources, a family in Boston with a median income of $106,015 would have a maximum purchasing power of approximately $500,000. Yet, in 2024, only 12% of homes sales on the Boston market were being sold for under $500,000.

Under the new co-purchasing housing pilot program, eligible households that earn up to 100% of the Area Median Income, currently $130,600 for a two-person household, may receive up to $50,000. Eligible households that earn up to 135% of the Area Median Income, currently $176,310 for a two-person household, may receive up to $35,000.

More information about the program's eligibility criteria can be found on the City of Boston's website.