Massachusetts announced its goal to provide 10,000 mortgage loans to first-time homebuyers over the next five years.
In conjunction with the states Commonwealth Housing Week, the Home Ownership Compact was created to commit lenders to originate a specific number of mortgage loans to first-time home buyers with household income below the area median income through the MassHouing and Massachusetts Housing Partnership.
Governor Deval Patrick has worked heavily with the Legislature and Congress to direct over $700 million in federal and state tax credits and state housing program subsidies to projects that improve the state's affordable housing, create jobs and build stronger communities, the state said.
"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," said Governor Patrick.
"Through key initiatives and collaborations across state government we continue to ensure a stable and robust housing market for our neighbors and our communities," said Aaron Gornstein, undersecretary for the department of Housing and Community Development.
During the week, the state will highlight the recovery of its housing market and the success of the its foreclosure prevention efforts with events across the state.
Additionally, the state scheduled a housing twitter town hall for Friday, using the hashtag #mahousingweek for users to follow.