The governor of Massachusetts has announced an agreement that would commit banks to produce 10,000 mortgages for first-time homebuyers with lower than median incomes.
The Home Ownership Compact will be carried out through the MassHousing and Massachusetts Housing Partnership programs.
Citizens Bank was mentioned in the release as one of the supporters and providers of the mortgage initiative.
Governor Deval Patrick said in the press release, “by giving more young people and families the opportunity to own a home, we retain our talent pool and create sustainable long-term economic growth.”
Patrick was responsible for delivering over US$ 700m of federal and state tax credits to projects that improve affordable housing, jobs and community.