Press Release

Press Release  Baker-Polito Administration Awards $1.5 Million to Support Foreclosure Education & First-time Homebuyer Counseling

For immediate release:
4/09/2018
  • Division of Banks
  • Office of Consumer Affairs and Business Regulation

Media Contact for Baker-Polito Administration Awards $1.5 Million to Support Foreclosure Education & First-time Homebuyer Counseling

Jacqueline Horigan, Public Outreach

BostonToday, the Baker-Polito Administration’s Division of Banks (Division) awarded $1,500,000 in grants to fund first-time homeownership counseling programs and foreclosure prevention education centers throughout the Commonwealth. Twenty-one awards were made to ten consumer counseling organizations and eleven foreclosure prevention regional centers. This is the tenth-consecutive year the Division has awarded financial education programming to support Massachusetts residents pursuing homeownership opportunities as well as those families working to stay in their homes.

“Investing in our communities is a top priority of the Baker-Polito Administration, and homeownership is a significant contributor to communities’ strength and vitality,” said Secretary of Housing & Economic Development Jay Ash. “As we strive to develop more affordable housing options and increase our housing supply, the continued funding of these programs will help young people and families on their way to achieve – and maintain – the dream of homeownership over the long-term.”

Regional Foreclosure Education Centers and Consumer Counseling Agencies provide first-time homeownership counseling and foreclosure education and prevention programs. Foreclosure prevention programming assists homeowners who may be experiencing financial hardship caused by either a loss of or reduction in income, a medical issue, or an unexpected life event that can result in a mortgage delinquency. Consumer and homeownership counseling programs provide prospective homebuyers with resources to determine if homeownership is right for them, and how to navigate the home-buying process.

The Division supports these programs by making Chapter 206 grants, which are funded by fees associated with the licensing of mortgage loan originators. These grants have enabled Regional Foreclosure Education Centers and Consumer Counseling Agencies to serve more than 4,700 Massachusetts consumers in 2017. More than 85 percent receiving Chapter 206 grant-related foreclosure counseling were able to avoid foreclosure and successfully remain in their homes.

“I am proud to support counseling programs that help consumers navigate the highs and lows of homeownership,” said Office of Consumer Affairs and Business Regulation Undersecretary John Chapman. “Knowledge is a consumer’s best tool. This funding ensures that these programs continue to educate and empower prospective homebuyers and those at risk of losing their homes, giving them the tools they need to build or rebuild their lives.”

“This year marks our tenth consecutive year funding organizations offering foreclosure and homeownership education,” said Commissioner of Banks Terence McGinnis. “These grants, along with the hard work of funded non-profit agencies, have helped thousands of Massachusetts consumers successfully navigate the foreclosure process or purchase their first home. A home is one of the largest purchases a consumer will ever make and it’s important that consumers make educated financial decisions that are right for them.”

Since the inception of the Grant program in 2008, the Division has awarded more than $12 million to organizations that have been able to assist over 41,000 consumers. The following organizations are receiving Chapter 206 Grant awards for 2018:

 

Regional Foreclosure Education Centers

Geographic Area Served

2018 Award

City of Boston Department of Neighborhood Development

Boston and Greater Boston Region

$189,573.55

Dorchester Bay Economic Development Corporation

Dorchester, Mattapan, Southwest Boston

$77,892.36

Homeowner Options for Massachusetts Elders (H.O.M.E.)

Statewide

$92,823.22

Home Preservation Coalition of the Merrimack Valley

Merrimack Valley

$112,222.22

Housing Assistance Corporation

Cape Cod

$38,401.13

Neighborhood of Affordable Housing, Inc. (N.O.A.H.)

Boston and North Shore

$82,804.34

NeighborWorks Southern Mass.

Brockton, New Bedford, and Southeast Massachusetts

$121,822.18

Oak Hill Community Development Corporation/NeighborWorks Home Ownership Center of Central Massachusetts

Worcester

$173,450.03

South Middlesex Opportunity Council, Inc. (SMOC)

Framingham

$38,469.75

Urban Edge Housing Corporation

Roxbury, Hyde Park, Roslindale, Mattapan

$64,048.93

Way Finders, Inc. (formerly HAP Housing, Inc.)

Springfield, Berkshire and Hampden Counties

$178,492.29

Total:

 

$1,170,000.00

 

 

 

Consumer Counseling Organizations

Geographic Area Served

2018 Award

ACT Lawrence, Inc.

Lawrence

$58,996.04

Allston Brighton Community Development Corporation

Allston and Brighton

$15,880.37

Catholic Social Services of Fall River, Inc.

Fall River and New Bedford

$105,581.71

Chelsea Restoration Corporation

Chelsea, Revere, Saugus and the surrounding communities

$28,769.09

Ecumenical Social Action Committee, Inc. (ESAC)

Boston and Eastern Massachusetts

$15,237.98

Gloucester Housing Authority

Cape Ann

$14,609.95

Lawrence CommunityWorks, Inc. (LCW)

Lawrence

$36,991.38

Merrimack Valley Housing Partnership, Inc.

Lowell

$15,646.53

Quincy Community Action Programs, Inc. (QCAP)

Greater Quincy, Weymouth, Braintree, Milton, Randolph

$17,615.55

Valley Community Development Corporation

Northampton

$20,671.40

Total:

 

$330,000.00

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Media Contact for Baker-Polito Administration Awards $1.5 Million to Support Foreclosure Education & First-time Homebuyer Counseling

Division of Banks 

The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

Office of Consumer Affairs and Business Regulation 

The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.

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