Homeownership

The Department of Planning, Housing and Community Development (DPHCD) offers several housing programs that provide funding for owner-occupied and investor-owned residential properties in the City of New Bedford. These programs provide funds to benefit low and moderate-income individuals and families in the City of New Bedford by securing and/or improving their housing throughout the City. The DPHCD receives federal funding through the HOME Investment Partnership Program [HOME] and the Community Development Block Grant [CDBG] program from the U.S. Department of Housing and Urban Development [HUD]. In addition to these federal funds, DPHCD also administers state programs on behalf of the Massachusetts Housing Partnership Fund [MHP], the Massachusetts Department of Housing and Community Development [DHCD] and MassHousing.

The amount of money available depends on the program, itself, as well as the availability of funding. This is important to remember because the City only receives a limited amount of funds each year for the programs; all of these programs are subject to the availability of funding.

  • “Neighborhoods First” First Time Homebuyer Program. This program offers down payment and closing cost assistance, rehabilitation assistance and gap financing to enable income eligible applicants to own their first home. One to three family properties are eligible. Borrowers must meet HUD income limits. When using the First Time Homebuyer Program for down payment and closing cost assistance, applicants must provide at least $1,000 of the required down payment from their own funds. Rehabilitation assistance is used for the correction of substandard conditions and to comply with minimum housing quality standards, building codes and state sanitary and health codes. Rehabilitation must adhere to Massachusetts and U.S. Dept. of Housing and Urban Development lead paint statutes. First Time Home Buyer Program Description.
  • Massachusetts Housing Partnership (MHP) “ONE” Program. This program helps income eligible first time homebuyers qualify for a higher mortgage amount by reducing monthly mortgage payments and eliminating the need for Private Mortgage Insurance (PMI). Purchased property must be a 1 – 3 unit home located within New Bedford or within Massachusetts. This program can work in conjunction with the “Neighborhoods First” Program described above. MHP ONE Loan Program website. ONE Brochure.
  • MassHousing Programs. The Commonwealth provides opportunities for low-moderate income individuals to buy their first home or make improvements. For more information on these programs, see the MassHousing website MassHousing Programs or contact DPHCD at the phone number below.

For more information about these home buyer programs or home buyer education classes, contact the Department of Planning, Housing and Community Development at 508-979-1500.

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