Powered by The Muncey Group
Did you know that, according to a 2019 Survey of Consumer Finances, the median homeowner has 40 times the household wealth of a renter? Between 2016 and 2019, housing wealth was the single biggest contributor to the increase in net worth across all income groups, accounting for 32 percent of the overall increase. In Boston, MA we are plagued with racial and economic divides in wealth and homeownership.
In the late spring of 2021, our team set out on a “listening tour” with numerous community members and leaders to solicit feedback on the greatest area of need for Boston’s families regarding their economic mobility. Repeatedly, we heard that homeownership, specifically accumulating enough funds for a down payment for first-generation home buyers, was an area where Boston’s families had few (and limited) areas of support.
Here at the Muncey Group, we decided it was time to do something about it! We created a pilot fund of $150,000 to support and supplement down payments for first-generation homebuyers in Boston and we are joined in part by another local philanthropist (Kyra Harris Grenier, of the Jamaica Plain-based James Pace Clayton Fund) in this effort.
In the fall of 2021, the Muncey Group selected the nonprofit Compass Working Capital (CWC) as its partner for a pilot program of grants to support families in their efforts to purchase their first home. Since the fall of 2021, CWC and the Muncey Group have been collaborating to co-design the focus of this first-of-its-kind grants program. Compass Working Capital runs a nationally-recognized program that supports families with low income to build assets and financial capabilities as a pathway to economic opportunity and out of poverty. Compass Working Capital will select the families that are a best fit for grants to help them with a downpayment on a home and the Muncey Group and members of our community will provide the funds --- no string attached.
Most people get a little help along their path to buying their first home. The Muncey Group is committed to paying it forward and helping those who will be first-generation homeowners to realize their dream.
Join us! Donate to the Welcome Home Fund here.
Read our Frequently Asked Questions about the project here.
Read our statement on our commitment to racial and social justice here.
The Muncey Group would like to thank those members of our “listening tour.” The Welcome Home Fund would not be possible without your input and expertise!
Jason Andrade, Director of Financial Services for Compass Working Capital
Symone Crawford, Director, MA Affordable Housing Alliance
Sheila Dillon, Chief of Housing and Director of Neighborhood Development, City of Boston
Edward Dugger III, President, Reinventure Capital
Betty Francisco, CEO of Boston Impact Initiative
Joseph Kennedy III, Founder of the Groundwork Project
Leslie Reed, CEO, Madison Park Dev Corp
David Severance, Chirag Shah Coaching
Tania Shabazz, Financial Services Manager, Compass Working Capital
Jodie Taylor, Head of Diversity, Compass
Helene Weissburg, Internal Communications and Social Impact, Compass