Bank Reinvestment

In Boston, MAHA's Homebuyers Union has negotiated Community Reinvestment Act (CRA) agreements with 14 banks for over $500 million in below market lending through the SoftSecond mortgage program. As the most affordable mortgage program in the state, nearly 7,000 lower income homebuyers have purchased their first home under the program since 1991. In Boston, 74% of the SoftSecond homeowners are persons of color and two-thirds made less than $35,000 at the time of purchase.

Statewide, MAHA has negotiated CRA agreements with Fleet, Citizens, and Sovereign Bank for Soft Second lending throughout Massachusetts. MAHA has helped local groups in Brockton, Lynn, Cape Cod, and Western Massachusetts to establish and expand Soft Second program lending in those areas. MAHA and our statewide partner, the Massachusetts Association of CDC's, have also won statewide agreements that include commitments for low cost checking and savings accounts, grants and loans for affordable housing development, and increased lending to small and minority owned businesses.