The Cambridge Housing Authority is introducing a new Homeownership Opportunity Program (HOP) aimed at supporting residents who are preparing for homeownership opportunities. The program will begin as a pilot at Corcoran Park, and eligible residents are encouraged to learn more and see if they qualify.
For many households, even with a stable income, homeownership can feel out of reach due to rising home prices, closing costs, and down payment requirements. CHA’s Homeownership Opportunity Program is designed to help reduce some of those barriers and open a pathway for interested residents to move toward ownership. Eligible participants must meet program requirements, which include completing an approved first-time homebuyer education course in addition to demonstrating financial readiness for a potential homeownership journey.
HOP aims to make homebuying more accessible by offering eligible Corcoran Park residents in good standing financial assistance in the form of a soft second mortgage. Assistance would be the lesser of 20% of the purchase price of a 1–4 family home or condominium, or up to $150,000.
The program was developed after conversations with residents, who identified some of the biggest barriers to buying a home, and reflects feedback on what kinds of supports would be most helpful. Staff also reviewed similar programs across Massachusetts and worked with local housing and lending partners in developing the initiative. CHA is pleased to launch HOP at a time when support services for families are at an all-time high.
In August of 2025, the CHA Board of Commissioners was introduced to a concept of the agency’s homeownership plan, and by June 2026, the agency is launching the program.
CHA and its staff hope the program will increase opportunities for families who are ready to make the transition from renting to owning a home in one of the country’s most expensive markets.
Residents interested in the program will receive additional information about eligibility requirements and the application process directly, and are encouraged to reach out with questions.
For more information, please contact Tabitha Bean at tbean@cambridge-housing.org.