Attorney General Martha Coakley's Office has awarded $155,000 in grants as part of the Asset Building in Low Income Communities grant program. The funding stems from a May 2011 settlement with  Mortgage Master, Inc., the Commonwealth's largest residential mortgage lender, for alleged discriminatory lending practices. 

These grants were awarded to organizations within Massachusetts that provide services and support to low-income communities.  The four chosen organizations were selected based on their history of success, the fit between the purpose of the grant and the proposed use of the funds, and the need within the target population, among other criteria.

The following organizations were awarded grant funding:

  • Chelsea Restoration Corporation (Chelsea, Revere, and Saugus): 
    Chelsea Restoration Corporation will use grant funds to expand and enhance their First-time Homebuyers program with a focus on serving more armed services veterans in their service area. 
  • Crittenton Women's Union, Inc. (Boston):
    Crittenton Women’s Union, Inc., will use grant funds to run their Economic Mobility Initiative (EMI). They will promote the value of savings and financial management, educate about the importance of creating a banking relationship, and help very low income households develop assets to enable them to build financial stability through a 1:1 matched savings program.
  • Holyoke Community Land Trust (Holyoke):
    Holyoke Community Land Trust will use seed funds to start a replacement reserve fund, in order to educate homeowners to the importance of savings for costly home repairs, and to help ensure a more sustainable ownership experience for low-income homeowners
  • Office of the Treasurer's Financial Literacy Trust Fund (Springfield, New Bedford, and Worcester)
    The Financial Literacy Trust Fund promotes financial literacy for residents, institutions, and community organizations by providing financial education Train the Trainer programs at three of the Treasurer’s Money Conferences

Grant funds must be utilized by December 31, 2012.