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 Fiscal Year 2014 was MassHousing's second-best everFiscal year 2014, which ended on June 30, 2014 was the second-best ever in terms of the amount of financial resources provided by MassHousing. The Agency provided a total of $985.2 million for affordable home ownership mortgage loans and loans to create or preserve affordable rental housing. Continue reading...
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Ground broken for Worcester Loomworks 
By Tom FarmerCorporate Communications, MassHousing WORCESTER - Construction is underway at the Worcester Loomworks where a vacant, blighted factory building is being converted into 94 new affordable apartments for families in Worcester's Main South neighborhood. The Worcester Loomworks is being developed in two phases by The Community Builders of Boston with a total development cost of $27 million. MassHousing is providing approximately $17 million in financing for the project. Continue reading...
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Multifamily owners to benefit from competitive MassHousing refinance loan productBy Eric GedstadCorporate Communications, MassHousingMassHousing is pleased to announce that it is now offering developers and owners of multifamily rental properties a new, more competitive loan product. The new program should be attractive to owners of hundreds of privately-owned, subsidized apartment communities in Massachusetts who have mortgages that are nearing the end of their term. Continue reading...
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Voke Lofts completed in Worcester 
By Tom FarmerCorporate Communications, MassHousing WORCESTER - The revitalization of downtown Worcester took another major step with the recent opening of the 84-unit Voke Lofts apartment community. Voke Lofts was developed by WinnDevelopment of Boston and involved the adaptive reuse and historical preservation of the former Worcester Vocational Technical School located at 34 Grove St. MassHousing provided $20 million in financing for the development, including $2 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD). Continue reading...
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Top loan originators talk about responsible lending, benefits of a MassHousing loan and advice to first-time homebuyers By Eric Gedstad
Corporate Communications, MassHousing
 | | Penny Hamel |
MassHousing recently honored its two top-producing loan originators of first mortgages. In 2013 Lisa Mish of Hampden Bank originated 42 MassHousing loans for $6 million in financing, while Penny Hamel from Salem Five Mortgage originated 41 MassHousing loans for $7.8 million.  | | Lisa Mish |
"We are fortunate to have so many lending professionals as our partners," said MassHousing Executive Director Thomas R. Gleason. "But Lisa and Penny really stood out last year from all the rest for their dedication to helping their customers obtain a loan they could truly afford for the long-term." Continue reading...
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Old Colony Redevelopment completes another milestone
By Tom FarmerCorporate Communications, MassHousingSOUTH BOSTON - The redevelopment of the Old Colony public housing community in South Boston has reached another milestone, with 129 new apartments completed during the second phase of the project and 40 additional units now under construction. MassHousing provided $33.4 million in construction financing for Phase Two with an additional $3 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD). Continue reading...
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Quality, quality, qualityBy Peter Milewski
Director of Home Ownership Lending, MassHousing
Recently, MassHousing successfully completed its second annual Fannie Mae Mortgage Origination Risk Assessment (MORA) audit. The successful audit was the result of hard work by everyone involved in originating, underwriting, closing and delivering loans to MassHousing. A lesson learned from this process is that our industry has changed significantly. There is preciseness to the "science" of loan underwriting that now requires a totally new mental approach and skill set. No detail is too small. No document can be disregarded. Continue reading...
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Abrams Development Company to use $9.2M from MassHousing to renovate, preserve affordability at Lionhead Apartments in Dorchester
By Tom FarmerCorporate Communications, MassHousingThe long-term affordability of the low-income units at the 71-unit Lionhead Apartments in Dorchester will be preserved and substantial improvements will be made to the property with the closing of $9.2 million in MassHousing loans to The Abrams Development Company LLC. Continue reading...
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MassHousing helps to promote homeownership in New Bedford
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Before and after photos of 217 Cottage St. in New Bedford
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By Tom FarmerCorporate Communications, MassHousingWhat once was an eyesore on Cottage Street in New Bedford is now a gleaming, completely refurbished home for a first-time homebuyer as a result of a partnership between the city of New Bedford, the Massachusetts Attorney General, MassHousing, the New Bedford/Fall River Housing Partnership, and the non-profit The Resource Inc. Continue reading...
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2014 Youth RAP Field Day More than 500 young residents of 15 MassHousing rental communities across the Commonwealth descended on Moakley Park in South Boston for the 2014 Youth RAP Field Day, July 24. More than 40 MassHousing staff members volunteered at the event, which included a variety of activities for attendees. Youth RAP (Youth Resident Activities Program) began in 1991 in Boston to address the lack of resources for young people living in MassHousing developments. Now offered statewide and year-round, Youth RAP provides educational support; recreational, cultural and educational activities; programs to promote leadership, self-esteem and respect; violence prevention; and part-time summer jobs.
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Borrower profile: The Ream family
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From Left, Sage Bank's Tom Traverse with Sophia and Chandy Ream
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Sophia Ream of Lynn is no stranger to hard work. She works two jobs and seven days a week but finding a home that she and her husband, Chandy, could afford and a bank to provide an affordable mortgage loan was a real challenge. Continue reading...
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Want to be a homeowner?Get to know MassHousing, the Commonwealth's Affordable Housing BankFrom the Bay State BannerDo you want to own your own home but think you can't afford it? Think again. There is a path that can take you from renter to homeowner. All it requires is a commitment to learn about the process and to find the right partners along the way who can help you get a loan you can truly afford for the long term. Continue reading...
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Developers nominated for affordable housing awards
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Subsidy Roundtable MeetingsIn April, MassHousing introduced Subsidy Roundtable meetings to offer Section 8 Owners and Management Agents tips on resolving Section 8 subsidy receivable issues and share techniques on reconciling monthly voucher and transmission reports. Property owners and managers who wish to schedule a Roundtable should contact Rebecca Casey. It is our opinion that limiting attendees to 20-25 maximizes the benefit for participants.
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MassHousing Staff NotesSteve Vickery has joined MassHousing as Comptroller and will be responsible for all accounting functions and services as well as the Agency's financial controls. Ron Marlow has joined MassHousing as the Director of Diversity and Inclusion and assumes responsibility for the Agency's diversity and inclusion programs including those stemming from the construction and ongoing management of the affordable rental developments in MassHousing's portfolio. David Keene, MassHousing's Chief Preservation Officer for rental housing, has been elected Vice President of the National Leased Housing Association's Board of Directors. Thaddeus Miles, MassHousing's Director of Public Safety, was honored as one of five "Visonary Leaders" by the Tenants' Development Corporation, a property management and development organization in Boston's Historic South End. Continue reading...
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