MassHousing remains open and will continue to provide mission-critical business during this unprecedented period of time. View COVID-19 information and resources for homeowners, renters and multifamily business partners.

Saving for a down payment is one of the major barriers to homeownership. To help buyers get past that barrier, MassHousing has increased its maximum down payment assistance (DPA) to as much as $25,000 or 5% of the purchase price, whichever is less, for qualified buyers in Gateway Cities and Boston.

The new funds will allow many people to buy a home who otherwise might not get the chance.

MassHousing is working to increase access to affordable homeownership for Black home buyers and other persons of color, and the new aid will assist in that effort.

Homebuyers who qualify for the new down payment assistance will also receive job-loss protection insurance for their mortgage loan, at no additional cost. MassHousing will make the lump sum mortgage insurance premium payment on the borrower's behalf. As a result, if the borrower loses their job and is collecting unemployment benefits, MassHousing will cover the principal and interest payments on the first mortgage loan for up to six months (up to $2,000 per month). In the pandemic, job loss protection has helped hundreds of MassHousing borrowers stay current on their home loans.

MassHousing continues to offer DPA to qualified buyers in all Massachusetts communities. Buyers who do not qualify for the new higher amounts may still qualify for up to $15,000 in assistance or 5% of the purchase price, whichever is less. Learn more about down payment assistance from MassHousing.

On the HomeOwnership side, MassHousing provided a total of $327.9 million in financing. This includes $321.9 million in first mortgage loans to help 1,166 Massachusetts households purchase or refinance a home in the Commonwealth; 425 down payment assistance loans for $5.2 million; and $646,013 in financing to help 30 homeowners remove lead paint, replace a septic system or improve their properties.

MassHousing's newest initiative to stimulate the new construction of for-sale homes and condos for middle-income buyers in communities of color has a pipeline of 22 proposed developments with 660 units.

MassHousing expects to award grants from the fund soon to help finance developments in Boston, Cambridge, Chelsea, Everett, Haverhill, Holyoke, Lowell and Springfield.

The CommonWealth Builder Program (CWB) is a $60 million initiative funded by the Commonwealth and administered by MassHousing. The current pipeline of development projects is $41.5 million.

The CWB provides subsidies of up to $150,000 per unit, and up to $5 million per single project. It supports the production of homes affordable to households earning between 70% and 120% of area median income (AMI).

New units should begin to come online in 2021.

Developers or municipal officials seeking more information, including program guidelines and MassHousing staff contacts, should click here.

Anne M. Lynch Homes at Old Colony, South Boston: Beacon Communities, in partnership with the Boston Housing Authority, will use $78.8 million in financing to demolish 135 older public housing units and construct 170 new homes for low-income families and senior citizens. This is the third phase of the ongoing redevelopment of Old Colony, which was built in 1940 and is one of the oldest federal public housing developments in the country. Read more...

Q: For those who may not know, can you remind readers what your team in Diversity & Inclusion strive to do to help diverse businesses?

Andrea Laing: We strive to provide strong professional relationships with all businesses and business partners that work with MassHousing. We create opportunities and an environment for various businesses to have time to network and get to know each other. Our goal is to help foster long lasting, positive business relationships that will bring capacity and economic growth all across the Commonwealth.

Q: During the pandemic, since you have not been able to hold many of your in-person trade fairs, workshops and networking events, how have you been working to help businesses?

AL: Like so many businesses and agencies, we have moved into the world of virtual technology. On any given day, we are on Zoom meetings promoting or participating in various workshops being held across the Commonwealth and providing in-depth technical assistance. Soon we will be offering a wonderful opportunity in collaboration with the State's Supplier Diversity Office, providing informational sessions and workshops on the certification program. We will expand this collaboration with private sector third party certifying agencies as well. We are highlighting many of the diverse businesses from different trades and professions that we work with on our website. On the site as well, we publish business opportunities within the rental development sector and we update that list frequently.

Q: What do you and your team hear most often from diverse businesses about what their greatest challenges are?

AL: Many MBEs/WBEs run into difficulties completing jobs, because of the rush to secure a job and begin working. MBEs/WBEs often fail to obtain a written contract or to review carefully the contract provisions or negotiate revisions to their benefit. Consequently, they may not understand contract terms related to tenant interaction, billing arrangements, payments and termination.