Midas in Action: First Generation Homeownership

This is the first in a series, Midas in Action, of several blog posts detailing wealth inequality in Massachusetts and how the Midas Collaborative works with its member organizations to combat the myriad obstacles individuals of low- and moderate-income face in the pursuit of financial security.

Homeownership is often considered the American Dream. From the first advancement of one’s candy-colored game piece in “The Game of Life,” homeownership is clearly defined as a rite of passage into adulthood and independence. The unfortunate reality, however, is that this milestone, taken for granted during daydreams of youth, becomes far more complicated upon entrance to the real world and often does not manifest for those outside of the upper echelons of society.

The Midas Collaborative partnered with Massachusetts Affordable Housing Alliance (MAHA) to create the Saving Towards Affordable and Sustainable Ownership (STASH) program, a matched-savings program that helps first generation homebuyers create financial foundations to support first-time home ownership. Since 1985, MAHA has worked to increase accessibility to affordable housing through education and mobilization of resources. Their homebuying classes help aspiring homeowners to learn the ins-and-outs of the process of purchasing a home and build the resources necessary to do so. Enrollment in the program entails a comprehensive education about the process of purchasing a home as well as a 1:1 matched-savings account for a down payment on a home. The matched-savings aspect of the program ensures that participants, armed with knowledge of the process, are able to make concrete action towards homeownership. One graduate, Maria, was able to utilize Midas’ matched-savings and education programs to achieve financial independence for herself and her husband. As an immigrant from the Dominican Republic, Maria faced many barriers on her journey to financial independence. However, as a participant in the program, she set financial goals, attended education initiatives geared towards first-time homeowners, and made monthly contributions into a matched-savings account to quintuple her savings and eventually close a deal on her first home.