The Cambridge Housing Authority launched the Homeownership Opportunity Program to reduce barriers to homeownership for local households.

The program will begin as a pilot in the Corcoran Park development in Cambridge and offer 20% of the purchase price of a family home or condo, or up to $150,000, for qualifying families buying a home for the first time. These subordinate loans, or “soft second mortgages,” help defer down payment and closing costs.

Conversations with residents motivated the program’s launch, and organizers took inspiration from similar programs across the Commonwealth.

“CHA and its staff hope the program will increase opportunities for families who are ready to make the transition from renting to owning a home in one of the country’s most expensive markets,” the group said in a press release.

CHA encourages interested residents to reach out directly to verify their eligibility and learn more about the program.