In a significant move to address housing inequities in Greater Boston, Governor Maura Healey and Lt. Governor Kim Driscoll launched the ONE+ Mortgage Program, aimed at increasing homeownership among low and moderate-income families. The initiative, announced on November 25, 2024, is part of a broader strategy to close racial wealth gaps and enhance community well-being through improved access to affordable housing.

The program is backed by a collaborative effort involving the Massachusetts Housing Partnership, the Boston Foundation, Eastern Bank, and State Street Foundation. Together, they aim to raise at least $25 million to assist 500 families in achieving homeownership. This investment is projected to generate over $162 million in equity for these households over the next decade, significantly impacting their financial stability and opportunities for wealth accumulation.

During the launch, speakers emphasized the importance of homeownership as a means to provide families with the assets necessary for covering expenses, starting businesses, and investing in education. The initiative is seen as a critical step toward closing the racial wealth gap, which, according to the Massachusetts Taxpayers Foundation, could potentially boost the state's GDP by $25 billion over the next five years.

The program's design reflects a commitment to addressing the challenges faced by families struggling to save for down payments while managing other financial responsibilities. By facilitating access to down payment assistance and affordable mortgage products, the ONE+ Mortgage Program aligns with the administration's goals of increasing housing production and reducing overall housing costs.

As the program unfolds, stakeholders remain optimistic about its potential to transform the housing landscape in Greater Boston, particularly for historically marginalized communities. The collaborative approach taken by various organizations underscores a shared commitment to fostering economic equity and enhancing the quality of life for all residents in the region.