Purchasing a triple-decker is expensive, but imagine if you could pool your collective purchasing power with another family?
Mayor Michelle Wu announced the launch of the Co-Purchasing Housing Pilot Program during her 2025 State of the City Address on Wednesday night.
“Boston’s housing market has created significant barriers for middle-income families, particularly those from historically marginalized communities,” said Wu. “Through the Co-Purchasing Pilot Program, we are creating opportunities for residents to pool their resources and build generational wealth together. This program represents one of many steps toward ensuring Boston remains a city where everyone can thrive.”
The program is aimed at supporting middle-income residents who are often priced out of the city’s housing market. Applicants will individually apply for the program to determine their eligibility, but allow households to leverage their combined purchasing power to buy multifamily properties. The program is meant to not only make homeownership more accessible but it will also strengthen communities by allowing homeowners to compete with the increasingly large number of investors who are buying Boston’s multifamily housing.
Those participating in the program can receive up to 5% of their share of the purchase price as a forgivable loan, issued by the Boston Home Center, to cover the costs of down payment and closing costs. To qualify, participants must be first-time homebuyers and agree to live in the property as their primary residence. A co-ownership agreement signed by all parties must also be included in the application. The city’s new Guide to Co-Purchasing describes what the co-ownership agreement needs to include.
The city has also secured partnerships to support participants with financing, and co-purchasers are welcome to work with the lender of their choosing. Citizens Bank, NewFed Mortgage, MEP Loans, Prime Lending, and Salem Five have agreed to participate in the program.
Between 2022 and 2024, during Wu’s mayorship, the city has helped 804 Boston residents become homeowners through expanded homeownership programs, according to a press release. The residents who have become homeowners bought income-restricted homes, market-rate homes, and/or received financial assistance, including downpayment assistance and participation in the One+ Boston mortgage program.
For more information, including eligibility requirements and application details, residents can visit boston.gov/co-purchasing or contact the Boston Home Center at 617-635-3880.
