$54.6 Million Available in Massachusetts Foreclosure Financing
Boston is one of four cities in the Commonwealth to receive more than $11 million dollars in direct aid to help buy foreclosed properties. Massachusetts will receive $43.6 million, and four cities – Boston, Brockton, Springfield and Worcester – will get a additional direct allocation totaling $11 million. Under the program, part of a housing bill Congress passed last fall, cities can use the money to purchase and rehabilitate foreclosed properties and make financing available for the purchase of these homes.
Governor Deval Patrick announced a state clearinghouse that will link bank-owned properties with organizations like non-profits. The non-profits are expected to renovate and sell the Massachusetts foreclosures to families that meet certain income requirements.
According to the announcement, after completing eight hours of homebuyer counselling, up to $75,000 per home will be awarded; $25,000 towards a downpayment, and $50,000 for renovations and improvements to the property. The money can also be used to demolish blighted properties. “The federal money is designed to flood our cities with new resources to combat foreclosures,” said Lucy Warsh, a spokeswoman for the Boston Department of Neighborhood Development.
Buyers interested in purchasing in a number of areas such as Dorchester, East Boston, Mattapan, Hyde Park and Roxbury will be eligible for the financing. For more information, check out the Massachusetts Executive Office of Housing and Economic Development (EOHED) website.
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