Salem Five Joins Effort to Expand Home Ownership Opportunities in Boston

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The Bank is one of the first to participate in co-purchasing pilot program

Salem, MA., April 14, 2025 – Salem Five is partnering with the City of Boston in a unique Co-Purchasing Housing Pilot Program, which was created to make home ownership more easily attainable for middle-income residents, the Bank announced today. 

Developed by the administration of Boston Mayor Michelle Wu and announced recently at her State of the City Address, the program allows different buyers to pool their financial resources to purchase multifamily homes. To further help these homebuyers, the program offers forgivable loans of up to 5% of each buyer’s share of the purchase price, helping with down payments and closing costs.

“The current housing supply in Massachusetts continues to be a challenge, even more so for middle-income families looking to buy in Boston,” said Vincent Gregory, Senior Vice President of Salem Five Mortgage Company. “The creation of programs such as this will help those families obtain their dream of homeownership.

“Growing up in East Boston,” Gregory added, “it was common for multi-generational families to live under one roof and split expenses. As time moved on, the younger households were able to save enough money, start new families and purchase their new multi family home within the city. This new program will help bring those core values back to the city and promote more owner-occupied homes to families who might not have been able to afford them.”

Boston’s housing prices continue to challenge first-time homebuyers, even those who are financially prepared to own a home, according to Mayor Wu’s office. This program creates a new pathway to homeownership by allowing families, friends, and individuals to co-buy properties together, making it possible to afford homes that may otherwise be out of reach.

By promoting co-ownership agreements and providing financial assistance, the program goes beyond simply providing affordable home ownership options by strengthening communities and neighborhoods. This model allows participants to pool resources to buy in desirable neighborhoods, reduce individual financial burdens while gaining home equity, and strengthen communities by increasing homeownership and neighborhood stability.

About Salem Five Bank

Salem Five Bancorp is the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward. Salem Five has more than $8 billion in assets and 33 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust, which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.

FOR MORE INFORMATION

(800) 850-5000
marketing@Salemfive.com