Madison Park Next Door Homeownership Program

Madison Park Next Door Homeownership Program

Organization: Madison Park Development Corporation

Program Type: Down payment assistance and homeownership support for first-time homebuyers

Overview

Since 2018, Madison Park Development has provided home buying workshops and financial resources to support residents who want to purchase their own home. The Next Door program offers down payment assistance combined with education and counseling to help residents build wealth through homeownership.

Financial Assistance

Down Payment Assistance Amounts:
• In Boston (market-rate housing): Up to $100,000
• Outside Boston (market-rate housing): Up to $50,000
• Deed-restricted affordable units (any location): $25,000
• Assistance is calculated to ensure total aid from all sources does not exceed caps

Individual Development Account (IDA): Match savings program designed to incentivize participants to save

Eligibility Requirements

• Income: $50,000+ per year (recommended)
• Down payment: Minimum 1.5%, maximum 3% of purchase price
• Residency: Must be resident of MPDC property for at least 3 years, in good standing (not in arrears)
• First-time homebuyer status: Has not owned a home in the last 3 years
• Primary residence: Must use purchased property as primary residence
• Pre-approval: Must be able to obtain pre-approval within 30 days of selection

Related Programs

Lease to Legacy Program: Two-year rental savings and education program for moderate- to higher-income residents without housing assistance. Provides personalized coaching, financial guidance, and structured support toward homeownership.

Protect Your Asset (PYA) Program: Estate planning services for Next Door homebuyers offering deeply discounted will and trust services ($75 down payment, $600 value, with MPDC covering remaining costs)

Family Self-Sufficiency (FSS) Program: Helps families increase earnings and build financial capability through escrow savings accounts and case management/coaching

Homebuyer Education & Readiness Workshops: 1-hour workshops assessing readiness and providing insight into finding affordable homeownership opportunities

Homebuyer Classes: CHAPA-certified First-Time Homebuyer Classes offered twice yearly (Fall and Spring) via Zoom, covering overview of home buying process and special mortgage programs

Homebuyer Counseling Program: Offers homebuyers club with one-to-one counseling for those 6+ months away from homeownership

The Homebuyer Club: Financial literacy-focused classes, voluntary, once monthly, approximately 10 members per group, one-year commitment, no charge

Geographic Scope

• Boston
• Outside Boston (Massachusetts)

Contact Information

LaQuisa Burke, Manager of Rental and Homeownership Programs
• Phone: 617.849.6334
• Email: [email protected]

Resources and Partner Programs

MPDC connects participants with:
• Financial Education Associates (FEA)
• Urban Edge Credit Repair
• Massachusetts Affordable Housing Alliance (MAHA)
• Mass Housing Partnership
• Boston Housing Authority (BHA)
• Mass Housing
• Neighborhood Assistance Corporation of America (NACA)

Preferred Lenders and Realtors

MPDC maintains lists of preferred lenders and realtors to assist participants