CATIC fully supports the courageous efforts of those who are conscientiously working every day to change our society for the better by standing up for equality, equity and justice for the African American community. Furthermore, CATIC condemns all social injustice and unfair treatment experienced by all underrepresented groups across our nation due to systemic racism.
As the largest bar-related title insurance company in the United States, we are committed to doing our part to help build better communities through fair and equitable treatment for all, and we fully acknowledge that eradicating racism is the key to achieving this fundamental right in our society. We also firmly believe that in order to properly address a systemic problem, we must apply a systemic solution.
We at CATIC are constantly looking for partners who can help us achieve our goals. Recently, we learned that our friends at MassHousing have announced a new loan product to the public, Workforce Advantage 2.0. This new product is an innovative response and solution created by MassHousing to help bridge the racial disparity in minority homeownership in Massachusetts. The goal of the enhanced product is to inject more borrowing power into Gateway City communities, where the stimulation and funds are needed to promote minority homeownership.
Workforce Advantage 2.0 has increased its down payment assistance from $15,000 to $25,000 for first-time homebuyers who purchase a single-family home or condominium in Boston or in one of the commonwealth’s 26 Gateway Cities. The 2.0 product will also enhance the original version’s discounted PMI, and instead eliminate that financial obligation; MassHousing will make that payment on behalf of the borrower.
We are excited to announce that we will be promoting this program with our title agents throughout the commonwealth. CATIC will also offer a 10 percent discount on title insurance premiums for all first-time homebuyers. We believe that this program can make a huge difference in fighting the racial disparities that exist in Massachusetts. We are 100 percent committed to promoting Workforce Advantage 2.0 as a true change agent.
CATIC will continue to actively support and engage our employees, agents, key stakeholders and community partners in a variety of ways during these unprecedented times, and beyond, to build new platforms of trust with each other.
Together, we will create a brighter future for all!
— Richard A. Hogan is CATIC’s vice president and chief compliance officer.