NewFed Mortgage is honored to partner with the City of Boston in its groundbreaking Co-Purchasing Housing Pilot Program, an initiative designed to make homeownership more attainable for middle-income residents. Announced by Mayor Michelle Wu during her 2025 State of the City Address, the program allows multiple households to combine their purchasing power to buy multifamily homes, helping families and individuals overcome the financial barriers of Boston’s competitive housing market.
“Boston’s housing market has created significant barriers for middle-income families, particularly those from historically marginalized communities,” said Mayor Michelle Wu. “Through the Co-Purchasing Pilot Program, we are creating opportunities for residents to pool their resources and build generational wealth together.”
Breaking Down Barriers to Homeownership
Boston’s housing prices continue to challenge first-time homebuyers, even those who are financially prepared to own a home. This program creates a new pathway to homeownership by allowing families, friends, and individuals to co-buy properties together, making it possible to afford homes that may otherwise be out of reach.
“Homeownership is one of the most effective ways to build wealth and secure long-term stability, yet for many Boston residents, it feels out of reach,” said Sheila A. Dillon, Chief of Housing. “This program opens up new possibilities by helping families work together to achieve what may have seemed impossible on their own.”
To further assist participants, the program offers forgivable loans of up to 5% of each buyer’s share of the purchase price, helping with down payments and closing costs.
NewFed Mortgage’s Commitment to Innovative Housing Solutions
As a program partner, NewFed Mortgage is committed to helping co-buyers secure financing solutions that turn homeownership dreams into reality. Bart Reddington, Senior Mortgage Planner at NewFed Mortgage, praised the City of Boston’s innovative approach:
“This pilot co-purchasing program is a concrete step towards making Boston more affordable to families. The Boston Home Center and the Mayor’s Office of Housing have come up with a creative way to generate more equity in the Boston real estate market.”
At NewFed Mortgage, we understand the challenges homebuyers face in today’s market. That’s why we’re committed to providing flexible, community-driven financing options that support programs like this—helping more Boston residents own homes, build wealth, and create long-term housing stability.
Why This Program Matters
By promoting co-ownership agreements and providing financial assistance, the Co-Purchasing Housing Pilot Program is not just about affordability—it’s about community. This model allows participants to:
✔️ Pool resources to buy in desirable neighborhoods
✔️ Reduce individual financial burden while gaining home equity
✔️ Strengthen communities by increasing homeownership and neighborhood stability
✔️ Combat investor competition, keeping homes in the hands of Boston residents
Beyond the financial benefits, Jessica Ingram-Bee, a Boston-based real estate agent specializing in co-housing, emphasized the sense of community this model fosters:
“Many first-time buyers in Boston are financially ready to own but face steep prices. This initiative offers a way to pool resources and increase buying power, making homeownership accessible to those who might otherwise be priced out.”
A Step Toward Housing Equity
This initiative is part of a broader effort to close the racial wealth gap, ensuring that homeownership opportunities are extended to historically marginalized communities. The Wu administration has already helped over 800 Boston residents become homeowners since 2022, and this program will continue to make strides in housing equity.
NewFed Mortgage is proud to stand alongside the City of Boston in this mission and remains dedicated to helping homebuyers turn their homeownership dreams into reality.
