FY2024 lending summary
MassHousing provided more than $1 billion in financing in fiscal year 2024 (July 1, 2023-June 30, 2024), helping to support 4,520 rental and homeownership opportunities for Massachusetts residents.
The Agency closed $648.3 million in financing to help create or preserve 28 multifamily communities with 3,263 rental homes, 3,006 of which are affordable.
In addition, MassHousing provided $432.6 million in financing to help 1,257 Massachusetts residents purchase or refinance a home. Nearly 1,100 of those homebuyers benefited from MassHousing's down payment assistance program. Almost half (49%) of all homebuyers purchased a property in a Gateway City; 48% identified as BIPOC; and 49% earned no more than 80% of the area median income.
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Affordable Homes Act signed into law | |
MassHousing's Chrystal Kornegay and other staff members joined state officials, affordable housing advocates, practitioners and stakeholders as Governor Maura Healey signed the Affordable Homes Act into law. The AHA authorizes $5.16 billion in spending over the next five years, along with nearly 50 policy initiatives to counter rising housing costs caused by high demand and limited supply. Several programs operated by MassHousing received support through the AHA, including the Affordable Housing Trust Fund, CommonWealth Builder and Commercial Conversion Program. | |
CEO and executive staff news
CEO Chrystal Kornegay appeared on a pair of panels in recent months, one to accompany the release of the annual State of the Nation's Housing report from Harvard's Joint Center for Housing Studies and another hosted by the Urban Institite on Closing the Homeownership Gap...Chrystal also appears in a new video from the Island Housing Trust on the organization's Social Impact Investing...Colin McNiece has been promoted to the role of Chief Legal and Operating Officer, where he will oversee all of the Agency's corporate and legal operations. Amy Quimby, who was most recently assistant general counsel at the Federal Home Loan Bank of Boston, has joined MassHousing in the role of General Counsel.
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MassHousing names top lenders and loan officers from FY24 | |
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MassHousing works with more than 90 community banks, credit unions and other lenders to make our affordable mortgage loans and down payment assistance available to Massachusetts homebuyers.
We recently updated our lists of Top Lenders and Top Loan Officers (statewide and by county) from our 2024 fiscal year, which runs from July 1, 2023 to June 30, 2024.
Congratulations to our top lender, Total Mortgage Services, and our top loan officers, Denise Peach of Total Mortgage Services and Maria Luker of Rate. Thanks to all of our partner lenders and loan officers for their continued commitment to affordable homeownership in Massachusetts. View the Top Lender/Loan Officer lists!
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Homeownership on the road | |
MassHousing was well represented at the Greater Boston Association of Realtors Annual Awards. From left are MassHousing's Ginny Gilmartin and Angelo Nuby; Metro Credit Union's Deb Frank; and MassHousing's Jeff Wright. | |  |
MassHousing's Goretti Joaquim (at the podium) was in New Bedford for the announcement of the city's expanded first-time homebuyer grant program, which can be used in combination with MassHousing's down payment assistance and affordable mortgage loans. | | |
Ellie Fernandes (second from left) and Goretti Joaquim (third from right) took part in the South Shore Realtors Step Out and Network event in Fall River. | | |
Jeff Wright (second from right) joined members of the Northeast Association of Realtors for the organization's annual clean-up day at North Common in Lowell. | | |
Construction complete on 32 homes for sale in Lowell | |
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Construction is complete on Acre Crossing in Lowell, which transformed a parcel in the city's Acre neighborhood into 32 new homes for sale, as well as a five-story office building for Jeanne D’Arc Credit Union. The project received $8 million in financing through MassHousing's CommonWealth Builder Program, a landmark initiative to address the racial homeownership gap in Massachusetts by creating new homeownership and wealth-building opportunities in underserved communities. Read more.
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Recent Rental closings and events | |
MCO Cottage Rentals, Lancaster
MCO & Associates will use $8 million in MassHousing financing to construct 32 rental homes for households with a range of incomes in Lancaster. Read more.
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Grace Apartments, Boston (East Boston)
The ribbon was cut for Grace Apartments in East Boston, a new 42-unit supportive affordable housing development located adjacent to the Maverick MBTA station. MassHousing provided $4 million in financing for the project, which serves residents age 55 and older.
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31 Tufts, Somerville
Construction is complete at 31 Tufts in East Somerville, where $4.1 million in MassHousing financing helped to transform a public parking lot into 16 units of affordable and workforce rental housing.
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The Housing Stability Department distributed its first round of Focus Grants earlier this summer to promote food and nutrition access at MassHousing-financed sites. Eight awards were made, ranging from $2,500 to $10,000, for on-site farmer’s markets (5), community gardens (2), or both (1). Awarded sites represent five different management companies and are located in Boston (3), Mansfield, Medfield, Quincy, Salem and Worcester. Learn more about funding opportunities through the Housing Stability Department. | |
MassHousing and Esusu launch rent reporting pilot
MassHousing and fintech provider Esusu announced a pilot program for Rent Reporting and Rent Relief at six Massachusetts rental housing communities. The pilot aims to encourage the broader use of rent reporting services within the affordable housing ecosystem and test approaches to rental assistance for households with missed rent payments. Read more.
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Fall Housing Stability Trainings announced
MassHousing has announced the Fall schedule of Housing Stability Trainings for property management and social service staff. Housing Stability Trainings focus on intersection of social issues and affordable housing, cover a variety of topics, and are offered in person and online. Trainings are open to all and are free for staff of TAP member sites.
PLEASE NOTE: This summer, MassHousing moved to a new, more robust, learner-focused training system. In order to register for trainings, you must create an account in the new system. Please allow 2-3 business days for account approval. Create your TAP Training Learner Account!
View the training schedule and register today.
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Equitable Business Development | | |
Equitable Business Development team visits Worcester | | | | |
