Governor Maura Healey and Lt. Governor Kim Driscoll have launched the ONE+ Mortgage Program, a new initiative aimed at addressing the pressing housing affordability crisis in Massachusetts, particularly in communities like Lynn. During a recent government meeting, officials highlighted the urgent need for support as half of Lynn's residents are cost-burdened, spending more than 30% of their income on housing. Alarmingly, many of these residents are severely cost-burdened, dedicating half of their income to housing costs.

The challenges faced by Lynn residents stem from a combination of recent market forces and long-standing issues of disinvestment and discrimination. These factors have led to displacement risks for families and concerns for local businesses about retaining employees. The administration is committed to fostering inclusive growth that benefits all residents, particularly first-time homebuyers who are struggling to find affordable housing options.

The ONE+ Mortgage Program is designed to provide essential support to these individuals and families, aiming to bridge the significant disparities between Lynn and the Greater Boston economy. With 88% of households in Lynn earning below the area median income, this program is expected to have a broad and positive impact on the community. Additionally, it serves as a tool to combat systemic wealth disparities, particularly in a city where a majority of the population identifies as people of color.

As the program rolls out, it represents a critical step toward ensuring that all residents have access to affordable housing and the opportunity to build wealth in a rapidly changing economic landscape. The administration's focus on inclusive growth underscores a commitment to addressing the needs of vulnerable communities and fostering a more equitable future for all Massachusetts residents.