Division of Banks Awards $3.35 Million in Grants to Support Foreclosure Counseling, First-time Homebuyer Education

BOSTON - Today, the Healey-Driscoll Administration's Division of Banks awarded $3,350,151in grants to 24 organizations across the state to fund first-time homeownership education programs and foreclosure prevention counseling centers throughout Massachusetts. The funds were awarded through the Chapter 206 Grant Program, which serves to assist two groups: homeowners who may be experiencing financial hardship, as well as prospective homebuyers who are determining if homeownership is right for them.

The Division of Banks within the Office of Consumer Affairs and Business Regulation administers this grant program with fees associated with the licensing of mortgage loan originators. This year's grant recipients include nine regional foreclosure education centers and 15 consumer counseling organizations.

"Many residents face barriers to homeownership, hindered by inadequate pathways," said Secretary of Economic Development Yvonne Hao. "Through the Chapter 206 Grant Program, Massachusetts is reforming access, paving new routes to economic opportunity and equity in our state."

"The Healey-Driscoll administration is proud to support programs that help make homeownership a reality for more Massachusetts residents and help families stay in the homes they love," said Undersecretary of the Office of Consumer Affairs and Business Regulation Layla R. D'Emilia. "Expanding economic opportunity for residents across the state is an important focus for our agency and the entire administration."

"The Division of Banks is pleased to support financial education efforts through the Chapter 206 program," said Commissioner of Banks Mary L. Gallagher. "Homeowner education and foreclosure prevention sessions around the state serve to assist Massachusetts residents by ensuring they are better informed about and confident in their personal financial decisions particularly when it comes to purchasing and staying in their homes."

The following organizations are receiving Chapter 206 grant awards for 2024:

Regional Foreclosure Education Centers

• City of Boston Department of Neighborhood Development - $225,000
• Codman Square Neighborhood Development Corporation - $200,000
• Neighborhood of Affordable Housing, Inc. (N.O.A.H.) - $140,000
• NeighborWorks Housing Solutions of MA - $150,000
• NewVue Communities - $352,972
• South Middlesex Opportunity Council, Inc. (SMOC) - $52,080
• Southeast Asian Coalition - $105,000
• Urban Edge Housing Corporation - $250,000
• Way Finders, Inc. - $380,546

Consumer Counseling Organizations

• ACT Lawrence, Inc. - $200,000
• Allston Brighton Community Development Corporation - $60,000
• Asian Community Development Corporation - $60,000
• Berkshire County Regional Housing Authority - $73,000
• Catholic Social Services, Diocese of Fall River, Inc. - $69,420
• Chelsea Restoration Corporation - $228,563
• Community Development Partnership, Inc. - $60,000
• Ecumenical Social Action Committee, Inc. (ESAC) - $35,000
• Franklin County Regional Housing and Redevelopment Authority - $25,000
• Gloucester Housing Authority - $25,000
• Lawrence Community Works, Inc. (LCW) - $353,570
• Merrimack Valley Housing Partnership, Inc. - $150,000
• Quincy Community Action Programs, Inc. (QCAP) - $25,000
• Somerville Community Corporation - $50,000
• Valley Community Development Corporation - $80,000

Since the inception of the grant program in 2008, the Division of Banks has awarded more than $27 million to organizations that have assisted more than 100,000 consumers.

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