Next Door Home Ownership Program

Next Door Home Ownership Program is a deferred second loan for homebuyers in Boston, Massachusetts. Madison Park Development Corporation's Next Door Home Ownership Program is a Roxbury-based homebuyer pipeline that provides down-payment assistance up to $100,000 for purchases in the City of Boston (or up to $50,000 outside Boston, $25,000 for deed-restricted units) to MPDC and Whittier Street residents who have lived in MPDC affordable housing for at least 3 years in good standing. Awards are zero-interest deferred loans distributed via application lottery. The program includes pre-purchase workshops, one-to-one counseling, and a Homebuyers Club for participants 6+ months from readiness. Pilot launched in 2018; nine households became homeowners in the first cohort. MPDC houses 3,000 residents in Roxbury, the South End, Dorchester, and Mattapan. Up to $100,000 in down-payment assistance for purchases within the City of Boston, or up to $50,000 outside the City of Boston, structured as 0% interest deferred loans. Deed-restricted units (any location) receive up to $25,000. Awarded via application lottery to MPDC and Whittier Street resident families with 3+ years of resident status in good standing. Funding comes from Foundation, Local Government, and Other.

Next Door Home Ownership Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Due in full at sale, refinance with cash-out, transfer, or loss of owner-occupancy during the affordability period. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Next Door Home Ownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer required (no ownership in past 3 years). On credit, the program states: Not formally published; first-lender underwriting standards apply (typically 620+ for conforming/FHA). A homebuyer education course is required, through Madison Park Development Corporation Homebuyers Club and HUD-approved/CHAPA-certified counseling agencies. Residency requirement: Applicant must be an MPDC or Whittier Street resident for at least 3 years in good standing; purchase property used as primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product. Eligible applicants must be MPDC or Whittier Street residents in good standing for at least 3 years (no rental arrears or violations). First-time buyer required. Workshops required to assess readiness; one-to-one homebuyer counseling and mentorship through MPDC's Homebuyers Club; participation typically begins 6+ months before homeownership readiness. Awards distributed via lottery from a pool of qualifying applicants. Maximum $100,000 in Boston, $50,000 outside Boston, $25,000 for deed-restricted units. Funded by Madison Park CDC's CIP allocation, foundation grants, and partnership with city/state programs.

Next Door Home Ownership Program sets its income limit as follows: Income limits not publicly published; tied to first-mortgage product (typically 80%-135% AMI for Boston HMFA per ONE/ONE+ and Boston Home Center thresholds). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Next Door Home Ownership Program caps the purchase price as follows: Per MPDC and first-mortgage lender underwriting; aligns with MHP ONE+ caps and Boston Home Center limits. Eligible property types include Single-family detached, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Next Door Home Ownership Program serves homebuyers purchasing in Boston, Massachusetts. The program targets specific areas: MPDC and Whittier Street resident families; geographic preference for City of Boston (Roxbury/South End/Dorchester/Mattapan).

Applications for Next Door Home Ownership Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application lottery; eligible MPDC/Whittier Street residents with 3+ years of resident status apply; selection by lottery. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.