BOSTON – The Baker-Polito Administration’s Division of Banks awarded over $2.5 million in grants to fund first-time homeownership education programs and foreclosure prevention counseling centers throughout the Commonwealth. The funds awarded through the Chapter 206 grant program went to a total of 24 organizations including 9 regional foreclosure prevention centers and 15 consumer counseling organizations.
Chapter 206 grants assist homeowners who are often experiencing some type of financial hardship caused by either a loss of or reduction in income or a medical issue as well as prospective homebuyers who are determining if homeownership is right for them. The Division administers funding of these grants with fees associated with the licensing of mortgage loan originators. Funded organizations served over 11,000 Massachusetts consumers and homeowners in 2021.
“The past two years have presented significant challenges to both current and future homeowners. It is more important now than ever to ensure that the residents in the Commonwealth are able to secure and maintain ownership of housing,” said Edward A. Palleschi, Undersecretary Consumer Affairs and Business Regulation. “Organizations receiving Chapter 206 grants provide citizens with vital services across the state. These grants further the Office’s mission to protect and empower Massachusetts consumers.”
“We are proud to be able to support programs offering homeownership education and foreclosure counseling to consumers for the fifteenth consecutive year with Chapter 206 funding,” said Commissioner of Banks Mary L. Gallagher. “The funded organizations have demonstrated strong work plans to continue to serve clients with innovative methods both in-person and remotely.”
Since the inception of the grant program in 2008, the Division of Banks has awarded over $21 million to organizations that have been able to assist more than 80,000 consumers thanks to these grants. The following local organizations are receiving Chapter 206 grant awards for 2022:
Home Preservation Coalition of the Merrimack Valley – $239,641.00
ACT Lawrence, Inc. – $102,000.00
Gloucester Housing Authority – $25,000.00
Lawrence Community Works, Inc. (LCW) – $75,494.00
Merrimack Valley Housing Partnership, Inc. – $75,000.00