Mass. Affordable Housing Alliance Gets $175K Donation
January 31, 2019 Wells Fargo earlier this week announced it donated $175,000 to the Massachusetts Affordable Housing Alliance, a Boston-based nonprofit that works to eliminate barriers for first-time homebuyers, to help aspiring homeowners in the Boston area.
The Massachusetts Affordable Housing Alliance
(MAHA) will use the new funds to help educate new homebuyers in Greater Boston through homeownership counseling, managing credit, and financial fitness help.
Wells Fargo said the alliance will launch a new matched-savings program for first-generation homebuyers to assist in building assets toward homeownership. Alliance programs and services focus on helping low- to moderate-income homebuyers access sustainable homeownership opportunities and build community leadership.
A similar amount was donated to an agency of city government, the Roxbury Center for Financial Empowerment, which provides residents with the skills and resources to develop their future vision for economic empowerment and move towards personal financial success and wealth building.
We are passionate about helping individuals, families and communities achieve their goals, said Jennifer Crampton of Wells Fargos Community Lending and Investment division. These local initiative grants will help more Boston-area residents who want to achieve homeownership, a goal that aligns perfectly with the NeighborhoodLIFT program. We are excited to work together to make lasting change for the better.
The NeighborhoodLIFT program local initiative grants are part of an effort expanded to the Boston area in June 2018 with a $6.75 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods.
The NeighborhoodLIFT program has assisted about 225 homeowners in the area by offering homebuyer education plus $20,000 down payment assistance grants, in collaboration with NeighborWorks America and its network member, NeighborWorks Southern Mass. About 50 additional homebuyers have reserved a down payment assistance grant and are on the path to becoming homeowners.
Last fall, MAHA received $10,000 from Eastern Bank t0 support a special Women-to-Women first-time home buying series.
Established in 1985, MAHA has conducted campaigns resulting in affordable mortgages for more than 20,000 homebuyers and more than $9 billion in public and private investment in affordable housing. Its homebuyer and homeowner education programs have graduated more than 30,000 individuals.