STASH Gives a Boost to First-Generation Homebuyers  

Are you a first-generation homebuyer ready to purchase a home this year in Massachusetts? Through MAHA’s STASH: First Gen Home program, you could be eligible for a $20,000 matching grant for down payment assistance when you purchase. 

“The funding for the program expires December 31, 2024, so it’s a fairly short timeline,” said Heidi Archibald, Housing Assistance’s senior director of leased housing. “It’s structured for people who are already on the home ownership path and need another $20,000 to get priced into the market.”  

STASH is intended as a resource to help put first-generation homebuyers on a level playing field with those who have intergenerational assets. The grant can be used on any home, including deed-restricted properties, which are more affordable.  

“The $20,000 can be added to whatever they currently have saved toward a down payment to help them get over that bump into a range of Yes, I would qualify versus, No, I don’t qualify,” said Archibald. “That savings component can be a barrier for first-time homebuyers who don’t have the family backing that some other first-time homebuyers may have.” 

Completion of a first-time home buyer course is among the requirements, and financial education courses are a required part of participation. “They really have to be mortgage-ready and then take the course and then have a few months to complete the purchase, but if they do all of these things, they have an opportunity for a $20,000 grant,” said Shannon Pyne, Housing Assistance’s lead housing counselor and community educator. 

Applications are accepted on a rolling basis. Applicants must be referred by a MAHA partner agency, including Housing Assistance.  

For general info about the program, visit mahahome.org/STASH. For more info about the application process, contact Shannon Pyne at spyne@haconcapecod.org.