What We Do 

Since 2018, Madison Park Development has provided numerous home buying workshops and financial resources to support residents who want to purchase their own home. The training program aims to educate MPDC residents about the home buying process, provide residents with an economical pathway to building wealth, and create an affordable rental opportunity for another deserving family. 

Workshops are provided to allow the residents to assess their level of readiness. The workshops are tailored to provide the current marketing conditions, identify barriers to homeownership, help potential buyers understand lending requirements, and provide information to help buyers find affordable homeownership units and down payment assistance programs. 

 What is the Next Door Homeownership Program?  

 As of June 1, 2021, Madison Park Neighborhood Development provides its residents two forms of financial down payment assistance.  Families participating in the Next Door down payment assistance may receive  

• $100,000  for home purchases in Boston   
• $50,000 for purchases outside the City of Boston  

Madison Park Development Corporation offers residents an individualized development account (IDA), and the IDA program will provide match savings designed to incentivize participants to save.  

 Requirements   

• Fill out the Next-Door Homeownership Application (Applications are closed for 2024)
• Complete the approved First-time homebuyer class
• Must be a resident of an MPDC property for at least three (3) years, in good standing.  (Resident must not be in arrears or behind on rental payments) 
• Must be a first-time homebuyer
  • has not owned a home in the last 3 years
• Must use the purchased property as a primary residency
• If selected, able to obtain a pre-approval within 30 days of selection

 To Learn More about the Next Door Homeownership Program  

Please contact LaQuisa Burke, Manager of Rental and Homeownership Programs, at [email protected] / 617.849.6334.  

 Homebuying resources offered at MPDC 

• Homebuyer Education & Readiness Workshops – MPDC provides homebuyer readiness workshops to residents who want to learn more about the home buying process. This 1-hour workshop provides valuable information that allows residents to assess their level of readiness and provides insight into how to find affordable homeownership opportunities. To register for the next round of workshops, please Find a class and register with an approved homebuying agency.
• Homebuyer Classes – MPDC offers a CHAPA-certified First-Time Homebuyer Class twice yearly. The classes provide an overview of the home buying process and information about special mortgage programs for first-time buyers. The workshops will be offered via Zoom, and pre-registration is required at Financial Education Services. MPDC will offer homebuyer courses in the Fall and Spring.
• Homebuyer Counseling Program – To address the hurdles to successful homeownership, MPDC offers a homebuyers club to MPDC and Whittier Street families. There are many obstacles to sustainable homeownership, such as Poor credit histories, excessive debt, lack of funds for a down payment, and unstable employment, which can keep families from reaching their homeownership dreams. Counseling and mentorship are for those six months or longer away from homeownership and will be provided homebuyer support and one-to-one counseling.
•  The Homebuyer Club –These financial literacy-focused classes are voluntary and are offered once a month at various times to accommodate different schedules. Each club has approximately ten members, a trained housing counselor leading each class, and a one-year commitment for participants. Enrollees attend a one 1/2-hour class once a month. Classes are virtual, and attendees are encouraged to express their opinions, ask questions, and participate in class activities. Participants set monthly goals leading to the purchase of a home. There is no charge for the program. Contact Financial Education Associates.
• Family Self-Sufficiency – The Family Self-Sufficiency Program, commonly known as FSS, helps families increase their earnings and build financial capability and assets.  Two key features of the FSS Program: 
  • First, the FSS program offers a financial incentive for participants to increase their earnings in the form of an escrow savings account. The escrow account helps residents build savings that they can use to advance their personal goals. Escrow Funds can be used for employment training, homeownership, or business.  
  • Second, families participating in the FSS program are eligible for Case Management or Coaching. These services can help families access services to overcome barriers and strengthen their financial capability.  For more eligibility information, residents should contact their Resident Services Coordinator directly. https://www.joinfss.org/.  

MPND’s Prefered Lenders and Realtors 

Realtors

Interested in Madison Park Next Door?