MassHousing Update, October 2022

Top Story

MassDREAMS Grant Program launched to help certain homebuyers with down payments and closing costs

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 The program is being administered by MassHousing and the Mass. Housing Partnership, with assistance from CHAPA.

Agency News

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

Chrystal Kornegay received the Outstanding Impact Award from CHAPA at their annual dinner on October 13 (pictured above)…Vice President for Equitable Business Development Tony Richards was named to the Boston Commission on Black Men & Boys…Libby Hayes has joined MassHousing as Director of Housing Stability. She previously worked at DHCD and was Executive Director of Homes for Families…Thaddeus Miles (Equitable Business Development), was recognized with the Beacon of Light Award from My Life My Choice during an event at the JFK Presidential Library and Museum on June 2. My Life My Choice works to end the exploitation and trafficking of young people. Thaddeus was honored alongside actress and activist Ashley Judd.

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

MassHousing Executive Director Chrystal Kornegay recently joined Congresswoman Ayanna Pressley for a tour of 25 Sixth Street in Chelsea, which is being transformed into a mixed-income and mixed-use property and is the first project in the state to utilize American Rescue Plan Act (ARPA) funding for affordable homeownership development. MassHousing provided $10.4 million in financing for the project. The event highlighted the Commonwealth's use of ARPA funding, as well as efforts such as the MassHousing's CommonWealth Builder Program, to address the racial homeownership 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 More detailed program information can be found at

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.

Rental Housing

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.

Equitable Business Development

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

Pictured above is MassHousing Vice President for Equitable Business Development Tony Richards (standing), speaking in Boston at the first of five regional Emerging Developer Listening Tour sessions. The statewide Tour, which drew more than 150 attendees, sought to identify opportunities to increase Black, Indigenous and People of Color (BIPOC) developer participation in the affordable housing ecosystem; build and engage a network of diverse real estate professionals across the Commonwealth; and apply an equity-minded lens to the production and preservation of housing in Massachusetts. Additional sessions were held in Worcester, Springfield, Lawrence and New Bedford. The Equitable Business Development team will host a virtual town hall meeting in November to share lessons learned from the Tour and strategies to support emerging developers in the affordable housing ecosystem. Special thanks to our partners in this effort: The Mel King Institute and Builders of Color Coalition

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.

Recent Events

Above, the Planning Office for Urban Affairs and Caribbean Integration Community Development cut the ribbon for Cote Village, a 76-unit rental development in Mattapan. MassHousing provided $22.6 million in financing.

Below, the ribbon was cut on the latest phase of the Old Colony rehabilitation in South Boston, for which MassHousing has provided more than $205 million.

Above, Congressman Richard Neal (third from right, front), Mayor Dominic Sarno (center) and other local and state officials joined Home City Development celebrate the completion of work at the Elias Brookings Apartments in Springfield, where $1.8 million in MassHousing financing helped to convert a former school building into 42 new apartments. 

Below, the ribbon is cut at Miller's River Apartments in Cambridge. MassHousing provided $82 million in financing to help the Cambridge Housing Authority complete extensive renovations at the 285-unit community.

Abo, the ribbon was cut at the 62-unit Holtzer Park in Jamaica Plain. MassHousing provided $1.15 million in financing through the Affordable Housing Trust Fund for the project, which is part of the larger redevelopment of 125 Amory Street, which will add 349 units of mixed-income new construction and rehabilitate the existing 199-unit public housing building.

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