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Housing

Welcome Home, Boston: A Program to Close the Racial Wealth Gap

Strategic Insights

— 1 min read

The City of Boston's Mayor Michelle Wu launched the Welcome Home, Boston program to increase homeownership rates and close the racial wealth gap. The initiative aims to provide affordable homes to first-time middle-income homebuyers on City-owned land, supported by BIPOC-owned development teams. Since the program's inception, phases 1 and 2 have resulted in 144 future homes, with many under construction or slated to begin construction in 2025. The next phase, WHB III, will make 12 City-owned parcels available for over 30 new homes in Hyde Park, Roslindale, Dorchester, and Roxbury.

Key Takeaways:

  • The Welcome Home, Boston program has resulted in 28 parcels being developed into 144 future homes, with many under construction or scheduled to begin construction in 2025.
  • The program aims to close the racial wealth gap by increasing homeownership rates among BIPOC residents and supporting local developers of color.
  • Phase 1 and 2 development teams include organizations such as Dorchester Design Collaborative, Codman Square Neighborhood Development Corporation, Boston Neighborhood Community Land Trust, and African Community Economic Development of New England.
  • WHB III will target middle-income homebuyers, with 12 City-owned parcels available for over 30 new homes in Hyde Park, Roslindale, Dorchester, and Roxbury.
  • The program has created over 836 new homes or homes under construction, with more than 65% of homebuyers assisted through City initiatives being BIPOC.
  • The Boston Home Center provides homebuyer classes, financial support for down payments and closing costs, and One+ Boston mortgages to help families build stability and wealth.

Statistics:

  • 28 parcels developed into 144 future homes through phases 1 and 2 of the program
  • 12 City-owned parcels available for over 30 new homes in WHB III
  • More than 65% of homebuyers assisted through City initiatives are BIPOC
  • 836 new homes completed or under construction in the first 3-plus years of the Wu Administration
  • 1,000 Bostonians have become first-time homeowners through financial assistance and other City initiatives

Sources:

  • City of Boston
  • Mayor Michelle Wu
  • Boston Home Center
  • Planning Department
  • Office of Black Male Advancement
  • Black Men and Boys Commission
  • Massachusetts Housing Finance Agency (MassHousing)
  • New Homeowner Genesis

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