The Racial Wealth Gap Partnership at the Boston Foundation
Established in late 2022 as part of the Boston Foundation's commitment to racial equity, the Racial Wealth Gap Partnership is a uniquely powerful effort to close racial wealth gaps in the city and region by increasing homeownership in communities of color.
Our Current Work
The Racial Wealth Gap Partnership’s Down Payment Assistance Program catalyzes funding to launch new or expand existing homebuyer assistance programs. With a goal of $25 million, the Partnership expects to create over 700 homeowners and generate an estimated $170 million in equity through this effort.
In November 2024, the Partnership celebrated the launch of its’ first programmatic investment, the Massachusetts Housing Partnership’s ONE+ program. ONE+ provides up to $50,000 in financial assistance to first-time homebuyers in Gateway Cities in Massachusetts. The program launched with over $11 million in funding catalyzed by the Partnership and has created over 400 first-time homeowners to date.
In April 2026, the Partnership announced a second investment in Massachusetts Affordable Homeownership Alliance (MAHA)’s STASH program, a groundbreaking matched savings and education program that provides up to $20,000 to first-generation homebuyers in Massachusetts. This investment will enable STASH to expand beyond Boston and reach buyers statewide.
Why Homeownership?
The Racial Wealth Gap Partnership's initial focus on homeownership is based on two simple facts:
- Homeownership is the largest driver of intergenerational wealth for Americans across virtually all racial and demographic groups.
- The United States, and Greater Boston in particular, have a significant and measurable gap in homeownership between white households and Black, Asian and Latino households.
With a data-informed and mission-driven approach to advance racial and economic equity, the Racial Wealth Gap Partnership brings together housing, financial, nonprofit, philanthropic and civic leaders to develop approaches to support, strengthen, and expand the current landscape of affordable homeownership, and through it, build intergenerational wealth for communities of color.
Who We Are
The Racial Wealth Gap Partnership is a broad-based group of more than 40 members representing sectors including banking and finance, housing, issue advocacy, government, healthcare and life sciences, and education.
The partnership is convened and anchored by the Boston Foundation, including by its Director and leadership staff from across the organization, representing the Foundation's significant commitment to this issue.
Partnership Priorities:
Expanding Down Payment Assistance
Coming up with the down payment and closing costs for a home is a major hurdle to homeownership. Expansion of these programs and other forms of subsidy can help families overcome these obstacles and save their cash reserves for expenses associated with being a new homeowner, like unexpected repairs.
Increasing Access to Affordable Mortgage Products
Access to affordable mortgage products allows prospective homebuyers the opportunity to make affordable monthly payments resulting in significant cost savings. These cost savings can save families hundreds of dollars a month that they can use for short-term disposable income and long-term savings.Increasing Housing Supply
Lack of adequate housing supply is a fundamental, underlying cause of the affordable housing crisis in Massachusetts. There simply are not enough housing units to meet the demands of Massachusetts residents, especially those with low or moderate incomes.
Tools and Avenues for Change:
Programming &
Interventions
Tackling individual, systems, and root-level causes of inequity requires the support of and investment in programs and institutions that work within communities of color to improve their lived circumstances. The Partnership believes our role is to find opportunities to identify such programs and uncover ways to amplify and expand their efforts.Research & Communications
The Partnership’s work is data informed and mission driven. Our work is shaped not only by the importance of our cause, but also by the qualitative and quantitative information we collect, receive, and analyze as well as our communication and engagement of these learnings (and the actions that come from them) to our external stakeholders and target communities.ONE+ report
MassINC Polling Group Homeownership Survey
Convening
The Partnership brings together stakeholders, community members, nonprofit leaders, policymakers, and donors across the region to advance shared strategies for expanding equitable homeownership and closing the racial wealth gap.Recent Public Events:
Voices from Home: The State of Homeownership in Massachusetts
Undervalued: Appraisal Bias in Massachusetts
Programs with a Purpose: The Power of Special Purpose Credit Programs
Minding the Gap: Community Wealth
Policy & Advocacy
We believe that our laws must play a pivotal role in addressing the significant and longstanding wealth gaps that exist in communities of color. As a result, our work includes efforts to influence and shape policymaking on the local, municipal, and state level.2025-2026 Priority Legislative Agenda
H.1572/S.2836 An Act to Promote Yes in my Back Yard (YIMBY)
H.2347/S.1430 An Act to Promote Yes in God’s Back Yard (YIGBY)
H.1482/S.969 An Act to establish an Accessory Dwelling Unit Trust Fund
H.2298: An Act facilitating site plan review