The Boston City Council's Ways and Means meeting on January 14, 2025, focused on advancing homeownership initiatives in the city. Chief Dillon presented a comprehensive overview of the administration's efforts to increase homeownership rates, emphasizing the importance of these programs to the community.

Since the Wu administration began, the city has assisted 804 homebuyers through various programs, including down payment assistance and access to low-cost mortgages. Chief Dillon highlighted the completion of 300 income-restricted homes since 2022, with an additional 500 currently under construction. The administration is also actively working to prepare families for homeownership through educational classes, with over 5,000 attendees benefiting from these programs.

Despite these achievements, Chief Dillon noted significant challenges facing the housing market, including high interest rates and rising construction costs. These factors have stalled many homeownership projects, prompting the city to propose a homeownership investment pilot. This initiative aims to utilize a portion of the $110 million funding discussed during the meeting to provide construction financing at lower interest rates, thereby revitalizing stalled projects.

The city plans to issue a Request for Proposals (RFP) to identify a reliable financial institution to partner with on these investments. Chief Dillon concluded by reaffirming the city's commitment to innovative solutions for housing issues, leveraging its strong financial position to support mixed-use housing development.

Overall, the meeting underscored Boston's proactive approach to addressing homeownership challenges while outlining strategic plans to enhance housing availability in the city.