City of Everett Launches First-Time Homebuyer Down Payment Assistance Program

Residents and City employees can receive up to $20,000 towards the purchase of their first home in Everett

Mayor Carlo DeMaria is pleased to announce that the City of Everett has launched the First-Time Homebuyer Down Payment Assistance Program.

Those who are looking to purchase a home for the first time in Everett may qualify for a forgivable loan for up to $20,000 towards their purchase. Over a five-year period, 20 percent of the loan is forgiven each year, provided that the borrower uses the home as their only residence. After five years, the loan will convert to a grant and the loan would not need to be paid back. However, if the home is sold, refinanced or the ownership is transferred during the five-year period, the prorated portion of the loan will be due and must be paid back.

“Homeownership, particularly among working-class families, has a massive barrier to entry, made increasingly difficult as housing costs outpace wage increases,” said Director of Planning and Development Matt Lattanzi. “Everett’s new First-Time Homebuyer Down Payment Assistance Program helps to create a pathway for homeownership, allowing our residents to remain in the City long-term while they build equity in their residence.”

Utilizing funds from the American Rescue Plan Act (ARPA), the program will have a total of $400,000. Everett residents who qualify and are looking to purchase in Everett will have $300,000 available. City of Everett employees who are looking to purchase in Everett and work in the Everett Public Schools (EPS), Everett Fire Department (EFD), Everett Police Department (EPD) and City Hall will have $100,000 available.

This assistance is provided on a first-come, first-served basis and the funds may be used to purchase a condo or single-family home. If purchasing a two- to three-family home, the applicant must enter into an agreement with the City and the Commonwealth to rent all non-owner-occupied units below market  value in accordance with Executive Office of Housing and Livable Communities (EOHLC) guidelines.

“Our program is structured to be accessible and inclusive; the program description and requirements will be translated in Spanish, Portuguese and Haitian Creole,” said Affordable Housing Coordinator Zerina Gace. “Through this initiative, we’re not solely supporting individual households; we’re investing in our community. Homeownership promotes stability, civic engagement, and fosters a sense of belonging. It is a powerful tool for economic development and community building.”

To be considered, a complete application must be submitted along with supporting documentation and proof of eligibility and priority status. Submissions will be accepted until all of the funds are depleted.

Applications are available at Everett City Hall (484 Broadway), Office of Planning and Development, Room 25. The application, as well as more information, can also be found online at cityofeverett.com/city-hall/departments/planning-development. For questions, please email Ev**********@***********ma.us or call 617-394-2452.