A new program from the Commonwealth will put homeownership within reach for many low- and moderate-income buyers who have seen their buying power reduced by rising interest rates and home prices.

MassDREAMS provides financial assistance grants to qualified first-time homebuyers who live in communities that were disproportionately impacted by COVID-19. The funding comes from the Legislature, which allocated $65 million in federal ARPA relief funds for the program.

"This is an unprecedented program that will help first-time buyers with modest means achieve their dreams of homeownership," said MassHousing’s Vice President for Home Ownership Programs Mounzer Aylouche. "It provides a ray of light for many low- and moderate-income people, many of whom are persons of color, who have been impacted by the pandemic, inflation, rising rates and the sense that buying a home was no longer possible."

Information about MassDREAMS (Delivering Real Equity and Mortgage Stability), and a pre-screening questionnaire can be found at www.mymasshome.org. The program is being administered by MassHousing and the Mass. Housing Partnership, with assistance from CHAPA.

FY2022 Lending Wrap-Up

Despite economic and real estate market volatility, MassHousing continued to meet the housing challenges of the Commonwealth and delivered more than $1.4 billion in financing in fiscal year 2022, which ran from July 1, 2021 to June 30, 2022. The lending total included $944.8 million in financing for 45 rental communities, with a total of 5,329 units, as well as $462.2 million in financing for 2,064 low- and moderate income homebuyers and homeowners. More information is available here.

MassHousing Board Updates

In recent months, there have been several changes to MassHousing's Board of Directors. Governor Baker has appointed Carmen Panacopolous as a Member of MassHousing. Ms. Panacopolous, a Senior Relationship Manager at the Federal Reserve Bank of Boston, replaces Ping Yin Chai, who previously served as Vice Chair and whose term had expired. In addition, the Board has elected Carolina Avellaneda to serve as Vice Chair, and Mark Attia to serve as Treasurer. MassHousing welcomes Ms. Panacopolous, congratulates Ms. Avellaneda and Mr. Attia, and thanks Mr. Chai for his years of service to the Agency.

MassHousing staff news

S&P Global Ratings upgrades MassHousing bonds

We are pleased to share that S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on bonds outstanding under MassHousing's Housing Bond Resolution, with a stable outlook. The rating upgrade reflects S&P's assessment of the strong presence of federal insurance and tax credits on more than 80% of the MassHousing loan portfolio, in addition to the Agency's relatively conservative debt profile and a strong management team.

Congresswoman Ayanna Pressley, Chrystal Kornegay tour Chelsea development, promote efforts to close racial home ownership gap

Technical assistance for neighborhood revitalization in Gateway Cities now available!

The Neighborhood Hub – a technical assistance program that supports neighborhood revitalization in Gateway communities across Massachusetts – is looking for new partners.

The program helps Gateway municipalities and their local or regional partners identify and implement strategies to repair and renew neighborhoods with high rates of vacant, abandoned and deteriorating homes. The technical assistance grant program focuses on planning and local capacity-building to assist Gateway municipalities in preparing and implementing comprehensive local neighborhood revitalization strategies in high-need neighborhoods. The Neighborhood Hub is administered by MassHousing and is made possible by funding from the Commonwealth of Massachusetts.

Learn more about the Neighborhood Hub and apply here.

Meet Aliesha Porcena, a new homeowner and MassHousing borrower

Aliesha Porcena was determined to own her own home. She made it happen with hard work, a thoughtful approach, and a MassHousing loan with down payment assistance. Read Aliesha's story. 

Homeowner Assistance Fund helps those behind on mortgage payments

Mass HAF, the Homeowner Assistance Fund, provides financial relief for homeowners who are behind on their mortgage payments by at least three months, due to a hardship caused by the pandemic. To check eligibility and to start an application, visit www.massmortgagehelp.org. More detailed program information can be found at www.mass.gov/haf.

Newest "Home at Last in Mass" Podcast episode: Facing today's challenging market conditions

Rich Petisce, one of our homebuying experts, provides clear, straightforward advice on how to move ahead with homebuying plans, even in difficult times. Listen now.

MassHousing closes loans for rental housing in Springfield, Wareham, Charlestown, Lynn, Sharon, Somerville and Lawrence

Here's a summary of multifamily transactions recently closed by MassHousing:

31 Elm Street, Springfield The historic former Court Square Hotel at 31 Elm Street is being transformed into 74 new mixed-income rental homes. Read more.

Woodland Cove, Wareham Dakota Partners, Inc. is using $8.5 million from MassHousing to develop Woodland Cove; Phase 2 will feature 63 new apartment homes. Read more.

Zelma Lacy House, Charlestown Affordable Housing & Services Collaborative and Peabody Properties will use $16.8 million from MassHousing to redevelop the building into 48 units of affordable independent living housing. Read more.

Chestnut Gardens, Lynn Preservation of Affordable Housing (POAH) will keep rents affordable at the 65-unit community for at least 25 years, as a result of this $10 million refinancing. Read more.

Stony Brook Court, Sharon $16.4 million from MassHousing will help South Norfolk Elderly Housing Services, Inc. improve the property and preserve affordable rents at the 99-Unit Stony Brook Court in Sharon. Read more.

31 Tufts Street, Somerville E3 Development LLC will use $4.1 million from MassHousing to convert a city-owned parking lot into 16 apartments for residents with a range of incomes. Read more.

Pac 10 Lofts, Lawrence $40.8 million in MassHousing financing is helping Reed Community Partners LLC transform the Pacific Mills wool mill complex into Pac10 Lofts, a new, 180-unit community. Read more.

In just seven years, the MAP program has provided $2 billion in financing

MassHousing's Rental business line recently hit the $2 billion mark for lending through the Multifamily Accelerated Processing (MAP) program, which allows for a faster review process and lower interest rates. Since launching in 2015, the Agency's MAP initiative has preserved affordability at 79 affordable housing communities and extended affordability protections on more than 10,000 rental housing units for lower-income Massachusetts residents.

MassHousing offers the MAP loan program – solely or with a joint venture partner (CBRE, Capital One or Rockport Mortgage Corporation) – to the owners of rental housing in Massachusetts through the U.S. Department of Housing and Urban Development (HUD). 

For each MAP transaction, MassHousing issues a Ginnie Mae Mortgage-Backed Security (MBS), which has consistently provided the multifamily mortgage industry its most competitive long term, taxable interest rates.

Housing Navigator Massachusetts celebrates one year of providing online affordable rental housing listings

Congratulations to Housing Navigator Massachusetts, which launched in August of 2021! The online portal allows anyone to search thousands of listings for affordable rental apartments across the Commonwealth. MassHousing is a proud financial supporter. Visit Housing Navigator now.

Listening Tour is first step in effort to get more developers of color into the affordable housing business

First Neighborhood Stabilization grants announced

The Baker-Polito Administration and MassHousing announced a total of $4.6 million in Neighborhood Stabilization Program (NSP) grants to eight community-based organizations and municipalities to support the redevelopment or rehabilitation of 31 affordable homes, including 22 affordable homeownership opportunities. The NSP is a new capital grant program that provides municipalities and nonprofit developers with funds to address blight, abandonment, and disinvestment. Read the whole story.