Earlier this month, RateGravity Co-Founder and CEO Patrick Boyaggi took a trip to the Statehouse to meet with Gov. Charlie Baker and discuss the best ways to improve Massachusetts’ housing landscape.
Patrick was one of many business leaders on Beacon Hill that day, discussing the governor’s Housing Choice Initiative — a program that consists of incentives and rewards for cities and towns providing sustainable housing growth through plans for new housing projects and smart, effective and local zoning through legislation.
“At RateGravity, we believe that your home is your foundation — it’s what makes the best things possible: Your family, your career, your life,” said Patrick. “That’s why we place so much value on equitable access to high-quality, sustainable housing. This initiative and legislation will create 135,000 new housing units, and that means more individuals and families will have access to everything this region has to offer.”
The initiative will reward communities that earn a designation by developing sustainably and conserving resources, with more than $10 million in incentives, grant funding and technical assistance. MassHousing is also making $2 million in new funding available.
The focus of the day was also on a specific piece of legislation: An Act to Promote Housing Choices, which would allow cities and towns to adopt zoning practices through a simple majority vote instead of the current two-thirds supermajority required. The aim of the legislation and the initiative is to see 135,000 new housing units built in the state over the next seven years.
Throughout the day, government officials and business leaders alike drove home the connection between affordable housing and talent retention in the City of Boston and the Commonwealth of Massachusetts. If more commitments aren’t made to ensuring housing affordability, the region risks losing talented folks to other, more affordable areas.
Patrick was one of the business leaders meeting with the governor to discuss these issues because RateGravity is dedicated to housing equity — from improving access to quality pre-approval letters to interest rate transparency. By securing home loans from certified local lenders that offer discounted interest rates, a hot housing market like Boston’s is made a little more affordable for those who are striving to live, work and raising families here.
“While other mortgage lenders’ incentives drive them to seek out the highest possible commissions, our incentives at RateGravity the customer first,” said Patrick. “That means we shop our network of lenders to get customers the lowest possible rate, saving an average of $35,000 over the life of a mortgage. Those savings make the Boston area and the state of Massachusetts more accessible to a broader group of folks.”