News Flash Home
The original item was published from 9/14/2022 10:19:21 AM to 9/15/2023 12:00:02 AM.

News Flash

City of Malden News

Posted on: September 14, 2022

[ARCHIVED] New Program May Put Homeownership Within Reach

News from the City of Malden

The Commonwealth of Massachusetts has launched the MassDREAMS (Delivering Real Equity and Mortgage Stability) grant program, which may help Malden residents achieve their dream of homeownership. The purpose of the program is to expand the sources of funding for down payment assistance for first-time homebuyers.  Federally funded by the American Rescue Plan Act of 2021 (ARPA), MassDREAMS seeks to address housing security caused by the disproportionate economic impact of Covid-19. 

Mayor Gary Christenson noted, “Any program that helps our residents unlock the doors to home ownership opportunities should be fully explored. Many of our residents experience housing instability because they are cost burdened. This new program with its sizable down payment offering may help them achieve their dreams of owning a home.” 

The MassDREAMS grant, administered by MassHousing, currently has around $40 million worth of funding available. To see the list of lenders currently approved by MassHousing, please visit

The program requires the borrower to be a first-time homebuyer, which MassHousing defines as not having owned a home for at least three years. To qualify, at least one of the borrowers must currently reside in one of the 29 Disproportionately Impacted Communities also known as Gateway Cities. This includes Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester. There is no set limit for how long a borrower must reside in a Disproportionately Impacted Community, but they must provide documents for residency. Properties purchased - condos or 1-4 family homes - may be located anywhere in the Commonwealth of Massachusetts to receive the grant but must be the homebuyer’s primary residence. 

The borrower must receive a MassHousing or MHP first mortgage loan in conjunction with this grant program. The borrower may also layer MassDREAMS with the MassHousing Down Payment Assistance (DPA) program, Workforce Advantage loans, and other loans/ grants. To qualify for MassDREAMS, the homebuyer’s annual income must not exceed 135% Average Median Income (AMI). Assistance is available up to $50,000 if the borrower’s income is at or below 100% AMI, and up to $35,000 for incomes falling between 100.1%-135% AMI. Furthermore, the MassDREAMS grant is forgivable and does not require repayment.

The State also offers other down payment assistance payment programs. For more information about these programs and the MassDREAMS program, visit or



Facebook Twitter Email

Other News in City of Malden News

Public Safety Community Meeting (Instagram Post (Square))

Public Safety Meeting

Posted on: November 21, 2023
Grand Opening

Grand Opening of Ultimate Tango

Posted on: November 15, 2023
Wonder Women in Malden

Wonder Women in Malden Celebrated

Posted on: October 17, 2023
Mayor Christenson and Tony Bartolo

Tony’s Autobody - 45 Years in Malden!

Posted on: October 4, 2023
Tree Planting2

Implementation Grant in Action

Posted on: September 14, 2023
Prestige Car Wash

Prestige Car Wash opens Malden Location

Posted on: August 17, 2023

City Awards ARPA Funds to AAAW

Posted on: August 8, 2023
Disability Commission

2023 National Night Out

Posted on: August 3, 2023
Celia Denehy

Celebrating a Century!

Posted on: July 13, 2023

Malden Celebrates Memorial Day

Posted on: June 1, 2023
Triangle Clients

Triangle, Inc. Visits City Hall

Posted on: April 24, 2023
Arab American Heritage month

Arab American Heritage Month

Posted on: April 20, 2023
Chief Sullivan Retirement

Fire Chief Bill Sullivan Retires

Posted on: March 30, 2023
Black Earth Compost

Malden Announces Composting Program

Posted on: April 4, 2023

Malden to Hold Green Malden Fair

Posted on: April 4, 2023
MTEC field trip

MTEC Camping Trip

Posted on: March 22, 2023
103 Birthday

Celebrating a 103rd Birthday!

Posted on: March 22, 2023

City Awards ARPA Funds to YMCA

Posted on: February 21, 2023
rock spot

Grand Opening of Rock Spot Climbing

Posted on: January 12, 2023
City of Malden Trash Holiday (2)

“Trash Holiday”

Posted on: December 13, 2022
Butch Lessard

Longtime City Employee Celebrates 25 Years

Posted on: December 14, 2022
Trash Tag 2023 Greenpng

2023 Trash Tags Now Available!

Posted on: December 13, 2022
Rosene Wine

Malden Artist Brightens City Hall

Posted on: December 1, 2022