MassWorks News
South Shore Chamber, Sea Sports latest to join MassWorks
BOSTON, December 1, 2008 --- The South Shore Chamber of Commerce and Sea Sports of Cape Cod are the most recent employers to join the MassWorks program, the state’s new employer-assisted mortgage program that blends an employer contribution and a dollar-for-dollar state match to help first-time homebuyers afford homes near where they work.
The South Shore Chamber of Commerce is a not-for-profit association of more than 2,500 businesses in the communities south of Boston. Sea Sports is a family-owned and operated ocean-related recreational business that has provided Cape Cod with aquatic supplies and lessons for the past 15 years.
One South Shore Chamber employee has already bought a home with the program, using MassWorks funds in combination with mortgage financing from Eastern Bank. “MassWorks is a very strong employee benefit for people, said Peter Forman, President and CEO of The South Shore Chamber of Commerce. “This program is an interesting way to build and retain a work force on the South Shore.”
Created by the Commonwealth of Massachusetts and MHP in 2008, MassWorks is different than many traditional employer-assisted mortgage programs where employer funds are used strictly for down-payment assistance. While down-payment assistance is possible, MassWorks takes an employer contribution and a dollar-for-dollar state match and blends it into traditional fixed-rate mortgage financing from a bank, resulting in lower monthly mortgage payments for the first 10 years of the loan.
In addition, MassWorks can be flexible to an employer’s specific goals. The minimum employer contribution per employee is $2,500 and the state will match every dollar an employer puts in up to $5,000. MassWorks will be offered through participating banks and will be administered by MHP.
The South Shore Chamber of Commerce and Sea Sports are the latest in a growing list of employers that have joined MassWorks. The list includes Clark University, Assumption College, Holy Cross College, Worcester Polytechnic Institute, UMass Memorial Health Care, and Worcester abrasives manufacturer Saint-Gobain.
For more information about MassWorks, call 617-330-9944 x293
The South Shore Chamber of Commerce is a not-for-profit association of more than 2,500 businesses in the communities south of Boston. Sea Sports is a family-owned and operated ocean-related recreational business that has provided Cape Cod with aquatic supplies and lessons for the past 15 years.
One South Shore Chamber employee has already bought a home with the program, using MassWorks funds in combination with mortgage financing from Eastern Bank. “MassWorks is a very strong employee benefit for people, said Peter Forman, President and CEO of The South Shore Chamber of Commerce. “This program is an interesting way to build and retain a work force on the South Shore.”
Created by the Commonwealth of Massachusetts and MHP in 2008, MassWorks is different than many traditional employer-assisted mortgage programs where employer funds are used strictly for down-payment assistance. While down-payment assistance is possible, MassWorks takes an employer contribution and a dollar-for-dollar state match and blends it into traditional fixed-rate mortgage financing from a bank, resulting in lower monthly mortgage payments for the first 10 years of the loan.
In addition, MassWorks can be flexible to an employer’s specific goals. The minimum employer contribution per employee is $2,500 and the state will match every dollar an employer puts in up to $5,000. MassWorks will be offered through participating banks and will be administered by MHP.
The South Shore Chamber of Commerce and Sea Sports are the latest in a growing list of employers that have joined MassWorks. The list includes Clark University, Assumption College, Holy Cross College, Worcester Polytechnic Institute, UMass Memorial Health Care, and Worcester abrasives manufacturer Saint-Gobain.
For more information about MassWorks, call 617-330-9944 x293
MassWorks is administered by:
The Massachusetts Housing Partnership
160 Federal Street, Boston MA 02110
Tel: 800-752-7131 Toll-free: 877-MHP-FUND Fax: 617-330-9111