In this Issue

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Aug14-01Fiscal Year 2014 was MassHousing's second-best ever
Fiscal 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...

Aug14-02Ground broken for Worcester Loomworks

By Tom Farmer

Corporate 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...

Aug14-03Multifamily owners to benefit from competitive MassHousing refinance loan product

By Eric Gedstad
Corporate Communications, MassHousing

MassHousing 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...

Aug14-04Voke Lofts completed in Worcester

By Tom Farmer

Corporate 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...

Aug14-05Top 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...

Aug14-06Old Colony Redevelopment completes another milestone

By Tom Farmer

Corporate Communications, MassHousing

SOUTH 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...

Aug14-07Quality, quality, quality

By 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...

Aug14-08Abrams Development Company to use $9.2M from MassHousing to renovate, preserve affordability at Lionhead Apartments in Dorchester


By Tom Farmer
Corporate Communications, MassHousing

The 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...

Aug14-09MassHousing helps to promote homeownership in New Bedford

Before and after photos of 217 Cottage St. in New Bedford
By Tom Farmer
Corporate Communications, MassHousing

What 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...

Aug14-102014 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.

Aug14-11Borrower profile: The Ream family 

From Left, Sage Bank's Tom Traverse with Sophia and Chandy Ream
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...

Aug14-12Want to be a homeowner?
Get to know MassHousing, the Commonwealth's Affordable Housing Bank

From the Bay State Banner

Do 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...

Aug14-14Developers nominated for affordable housing awards
Congratulations to Preservation of Affordable Housing (POAH), Peabody Properties and The Community Builders (TCB) for their nominations in Affordable Housing Finance magazine's Readers' Choice Awards.

POAH was nominated in the Master-Planned/Mixed-Use category for the multiyear revitalization of the 504-unit Grove Parc Plaza Apartments in Chicago. Peabody Properties was nominated in the Special Needs category for Valley Brook Village, a 62-unit development for veterans in New Jersey. TCB was nominated in the Urban category for the 50-unit Nicetown Court II in Philadelphia.  Learn more...

Aug14-15Subsidy Roundtable Meetings
In 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.

Aug14-16MassHousing Staff Notes
Steve 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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