The Affordable Housing Trust administers two programs to help people afford housing in Williamstown: DeMayo Mortgage Assistance Program and the Emergency Mortgage and Rental Assistance Program.
DeMayo Mortgage Assistance Program
The Affordable Housing Trust will, as long as funds are available, provide a grant of up to $20,000 to any person buying a house in Williamstown who has demonstrated need of these funds. The DeMayo Mortgage Assistance Program program is intended to provide grants where that will make a difference in helping someone below median income purchase a primary residence for the long term.
Considerations
- The house (or condo) must be in Williamstown, though the applicant need not already live in town.
- The house must be the grantee’s primary and only residence (not a second home or an investment property).
- The grantee must not have owned a house in the last three years, unless they are leaving a marriage or something similar. This is intended for people needing help entering, or getting back in, the housing market.
- The grantee must have an income at or below 100% of the area mean income. (The cutoffs change yearly, and depend on household size, so search online for “Area Mean Income, as defined by the Massachusetts Department of Revenue for the Community Preservation Act.”)
- The grant should make a difference to the grantee’s eligibility for, and/or ability to afford, a mortgage. For example, it might shore up a down payment or be necessary to fund accessibility modifications. The bank will make that determination.
- To protect the community’s interest, a grantee selling the house within 5 years would need to repay a prorated amount of the grant ($16,000 if sold after 1 year, $12,000 after two, etc), which is free and clear in 5 years.
How to Apply
This program runs through the mortgage officers at the four banks operating in Williamstown: Adams Community Bank, Greylock Federal Credit Union, MountainOne, and TD Bank. If the officer believes someone qualifies, he or she should get in touch with the Trust directly to apply on their behalf. A letter from the mortgage officer, followed by their in-person request at a Trust meeting, provides all that is required. The grantee remains anonymous.
Emergency Mortgage and Rental Assistance Program
This program is for residents of Williamstown in difficult financial circumstances.
Applicants for assistance must have a family income at or below 100% of area mean income. (The cutoffs change yearly, and depend on household size, so search online for “Area Mean Income, as defined by the Massachusetts Department of Revenue for the Community Preservation Act.”) Funds are not intended for long term or ongoing assistance but for strategic intervention to help achieve a measure of stability.
Recipients may reapply or renew their grants. Grants are for a maximum of $10,000 per twelve-month period for rental payments and $15,000 per twelve-month period for mortgage payments. They will be made on a first come, first served basis. Grants will be made as long as funds are available, as determined by the Trust.
How Grant Funds May be Used
Emergency Mortgage and Rental Assistance Program grant funds may be used for the following purposes:
- Monthly rent
- Rent arrears
- Monthly mortgage payment, including principal, interest, and real estate tax escrow
- Homeowner’s insurance
- Mortgage payment arrears
Checks will be written to the landlord, vendor, or mortgagor on behalf of the applicant.
How to Apply
Hearthway administes this program on behalf of the Williamstown Affordable Housing Trust. To apply, contact them directly.
Hearthway
One Fenn Street, 3rd Floor
Pittsfield, MA 01201
(413) 499-1630
info@hearthway.org
Versie (Brook) Moore
vmoore@hearthway.org
(413) 344-4853
Online applications are available at https://hearthway.org/hcec-intake-form/