MassHousing Update, January 2019
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Happy New Year from all of us at MassHousing! We are pleased to share some of our recent progress in confronting the Commonwealth's housing challenges.
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Mid-way through fiscal year 2019, MassHousing is on pace to have one of its strongest lending years ever.
MassHousing’s 2019 fiscal year runs from July 1, 2018 to June 30, 2019. As of December 31, the Agency has closed $1.07 billion in financing to help ensure that 6,249 Massachusetts residents have an affordable place to call home.
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Recent Multifamily Loan Closings
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Lorenzo Pitts Portfolio, Boston
$45.7 million in MassHousing financing will help the
Jamaica Plain Neighborhood Development Corporation acquire, renovate and preserve the affordability of a 201-unit scattered site affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the 131-unit Lawrenceville Apartments; the three-unit Infill I; the three-unit Infill II; the nine-unit Crawford House; the six-unit Thane Street Apartments; and the 49-unit Gardner Apartments.
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Orient Heights Phase II, Boston
Phase II of the project will demolish 87 aging state-aided family public housing units, and construct 88 replacement apartments.
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Mill and 3 Apartments, Chelmsford
MassHousing provided $23.6 million in affordable housing financing to
Princeton Properties and
Parse Capital to support the development and affordability of the Mill and 3 Apartments, a 108-unit, mixed-income rental community in Chelmsford. The transaction involved the use of recycled private activity volume cap, extending a scarce resource that allows housing developers to access tax-exempt funding for affordable rental housing.
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Village at Nauset Green, Eastham
MassHousing is providing
Pennrose, LLC $1.5 million from the Agency’s Workforce Housing Initiative to support the development of the Village at Nauset Green. The workforce financing will allow the Village at Nauset Green—a new 65-unit rental housing community being built in Eastham—to be entirely affordable while serving a broader range of incomes.
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Now Available: MassHousing Mortgage 100 with No MI!
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Homebuyers with incomes below 100% of area median can now obtain a MassHousing loan with no mortgage insurance, along with down payment assistance
The new MassHousing Mortgage 100 with No MI puts more buying power in the hands of low- and moderate-income consumers.
Eligible borrowers earning ≤100% of area median income, purchasing a single-family home or condo, can now obtain a MassHousing mortgage with no mortgage insurance premium. They will also have the option of a 15-year fixed-rate
down payment assistance loan up to 3% of the purchase price or $12,000, whichever is less, due upon sale or refinance at a 1% interest rate.
"This is a terrific choice for home buyers with incomes at or below 100% of the area median income," said Mounzer Aylouche, Vice President of HomeOwnership programs.
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Buy it, fix it with one home mortgage loan
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Stop us if you've heard this one before: That home on the market has an affordable price tag but needs a few improvements before move-in day. Many homebuyers pass on these properties, figuring they’d need a second loan to cover the improvements.
But a MassHousing Mortgage with a purchase and renovation option could be the solution. It combines the purchase of the home and the renovation costs into one easy-to-manage loan. It can make that “fixer-upper” an option and could land a hopeful homebuyer in a home they would have otherwise passed up.
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Common Pre-App Streamlines Applicant Placement on Wait List
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The Common Pre-App helps management companies facilitate and improve efficiency throughout the application and wait list placement process. It also helps anyone looking for an affordable apartment since they can complete the document once, and then submit it to multiple properties.
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MassHousing Awards $700k for Affordable, Sober Housing
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MassHousing recently announced $696,995 in grant funding to support the creation or modernization of 118 affordable sober housing units in 11 communities across Massachusetts.
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Matchmaking Event Connects Small Businesses with Opportunity
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MassHousing recently hosted a matchmaking event that helped minority- and women-owned businesses connect with potential opportunities at MassHousing-financed rental communities in Western Massachusetts.
Representatives from 13 property management companies, representing 27 developments in Western Mass., were on hand to meet with 17 small business owners.
Continue reading...
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