City of Fall River and MassHousing Announce Buy Fall River Now
By Tom Farmer
Corporate Communications, MassHousing
MassHousing and the city of Fall River recently announced Buy Fall River Now, a new loan program for homebuyers and homeowners in the city. From left, Peter Milewski, MassHousing's Director of Homeownership Lending; State Representatives Alan Silvia and Paul Schmid; Mayor William Flanagan; and Earl Gaudette from the Maplewood Neighborhood Association.
FALL RIVER – MassHousing and the city of Fall River have partnered to launch Buy Fall River Now, which will provide affordable home loans to low and moderate-income homebuyers and homeowners who want to renovate their homes.
Flanked by local stakeholders in a vacant home on Lawton Street purchased by the city and being rehabilitated for sale to a first-time homebuyer, Mayor Will Flanagan said the new program is aimed at strengthening the middle class and providing incentives for those who choose to purchase a home in Fall River.
"Buy Fall River Now will allow those who may be looking to purchase a home in our region to give serious consideration to Fall River, recognizing our many attributes and providing financing options that are far more affordable than anywhere else," said the Mayor.
This vacant home on Lawton Street has been purchased by the city and will be renovated and sold to a first-time homebuyer through the Buy Fall River Now program.
The program features homebuyer assistance with acquisition, down payment and closing costs, as well as mortgage payment protection for up to six months if they become unemployed.
Participating lenders—BankFive, BayCoast Bank, Mechanics Cooperative Bank, Bristol County Savings Bank, St. Anne's Credit Union and First Citizens Federal Credit Union—are offering innovative loan products, first time homebuyer incentives, and financing solutions for low- and moderate-income homebuyers. The lenders are also offering MassHousing's Home for the Brave loans which are designed specifically for veterans of the U.S. Armed Services, active-duty service members, and spouses of service members killed while on active duty.
Existing homeowners can also obtain financing through Buy Fall River now to renovate and upgrade their homes.
"We applaud the City of Fall River for their commitment to affordable home ownership," said MassHousing Executive Director Thomas R. Gleason. "By increasing home ownership opportunities for low and moderate income homebuyers and providing financing for homeowners to rehabilitate their homes, we can help to revitalize neighborhoods and strengthen the community. We are glad to be a partner in the Buy Fall River Now initiative."
Michael Dion, Executive Director of the city's Community Development Agency, oversaw the development of the program and worked with the local lenders and MassHousing to implement it.
"Buy Fall River Now will have a direct impact on our neighborhoods and in the process provide economic opportunities for realtors, contractors, local lenders, as well as industry related local companies that work in the field," stated Dion. "Individually, we have all done our best to promote Fall River; through the hard work and efforts of the men and women here today. This program now affords us the opportunity to better market our programs, and provide one stop shopping for anyone looking to purchase or rehabilitate a home in Fall River."
Buy Fall River Now is a partnership between MassHousing, the city, and local lenders,
Realtors and non-profit agencies
Home loans will feature MassHousing's MI Plus mortgage insurance which comes with a job loss benefit at no additional cost to the consumer. If a borrower loses their job MI Plus will cover their monthly mortgage principal and interest payments for up to six months until they become reemployed.
"The City of Fall River has always been fortunate to have local banks that are part of our community, reinvesting in our neighborhoods, and doing great things to improve our quality of life. Buy Fall River Now is another example of this," said Mayor Flanagan. "BankFive, BayCoast Bank, Mechanics Cooperative Bank, Bristol County Savings Bank, St. Anne's Credit Union and First Citizens Federal Credit Union exemplify what it means to be a community partner, and have consistently reinforced their commitment to our community."
For More Information visit BuyFallRiverNow.com or contact the Community Development Agency at (508)-679-0131.
Material provided by the city of Fall River was used in this story.