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News & Notes | June 30, 2022
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Hello, MassHousing, and Happy New Fiscal Year's Eve! Here's the latest News & Notes! | |
MassHousing Awarded $12M Capital Magnet Fund Award
MassHousing is one of only five HFAs who will receive FY2021 awards through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). Overall, 27 nonprofit housing organization and 32 CDFIs will receive a total of $336.4 million through the Capital Magnet Fund for the development and preservation of affordable housing targeted to low-, very low-, and extremely low-income families. MassHousing and seven other organizations will receive $12 million, the largest award given this year.
The application process was an all-hands-on-deck operation involving staff from Rental Underwriting, Rental Business Development, Legal and Finance. Shout out in particular to Chris Burns, Jennifer Mickool, Kathleen Evans, Sebastian Zapata, Steve Vickery and his team from Finance, and Jill Lavacchia and her colleagues from Legal.
75% of the award will be used as gap filler for various rental projects, 25% will be used for CommonWealth Builder. Here's a story from NCSHA.
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Recent and Upcoming Events | |
Ribbon is cut for Cote Village in Mattapan | |
MassHousing was well-represented at a ribbon-cutting celebration for Cote Village in Mattapan. Below from left at the event are Michael Carthas, Cynthia Lacasse, Mark Teden (who's also fifth from the left above) and Thaddeus Miles. MassHousing provided $22.6 million in financing to help the Planning Office for Urban Affairs and Caribbean Integration Community Development construct the new 76-unit rental development on a long vacant site that was formerly home to the Cote Ford Dealership. | |
Ribbon-cutting and Groundbreaking at Old Colony | MassHousing was also out in force to help the Boston Housing Authority and Beacon Communities celebration the completion of Phase 3 and the start of the fourth and final phase of the Old Colony redevelopment in South Boston. Pictured below, from left, are Amanda Melick, Hana Migliorato, Cynthia Lacasse and Mark Teden. Cynthia and Mark are also pictured above, behind the ribbon to the left. MassHousing has provided a total of $205.2 million in financing for the first three phases of the redevelopment, which is transforming the 845-unit community, which was originally constructed in 1941 and was one of the most distressed properties in the BHA's federal portfolio. | |
Catching up with Thaddeus Miles | In his new role as Senior Director of Diversity Initiatives, Thaddeus Miles has been busy attending a variety of community events. Among them was the Embrace Ideas Festival hosted by King Boston, where Thaddeus met Martin Luther King III, pictured above. Thaddeus also attended several Pride events and the Boston Trans Resistance March and Festival. Below, that's Thaddeus with Mayor Michelle Wu. | |
Last call: MassHousing Bike Ride, tomorrow, Friday, July 1 | |
What better way to celebrate the start of fiscal year 2023 than by joining a few MassHousing colleagues for a ride along the Charles River Bike Path? Tomorrow, Friday, July 1 starting at 10 a.m. a few MassHousing cyclists will take off on a casual 20-ish-mile ride, starting at the Charles River Museum of Industry in Waltham and finishing with some refreshments. If you'd like to join in the July ride, contact any of the MassHousers pictured left-to-right above during a recent outing: Dave Harraghy, Kevin Mello, Zan Bross and Eric Gedstad. | |
Around and About MassHousing | |
Transformation of 31 Elm Street Moving Forward in Springfield | |
Yesterday, MassHousing joined the City of Springfield, MassMutual, MGM Springfield, WinnDevelopment and Opal Real Estate Group in announcing the closing of construction financing and the conveyance of 31 Elm Street in downtown Springfield, marking a major milestone in the area's redevelopment. Read more here. | |
Year-End AP Accruals
In order to ensure the completeness and accuracy of the Agency’s fiscal 2022 financial statements, all liabilities and expenses attributable to the period ending June 30, 2022 need to be recorded. As such, please forward any and all invoices received during the month of July 2022 to Accounting Operations for processing, paying particular attention to those that reflect Agency expenditures incurred through June 30, 2022. These should be forwarded no later than 10 a.m. on Tuesday July 12, 2022.
Additionally, if you are aware of any invoices that have not been received, please contact the vendor to request a copy of the invoice ASAP.
Finally, if you know of any outstanding invoices greater than $50,000.00 for which you are unable to get an invoice, but which should be included in the fiscal 2022 financial statements, please contact Connie Huynh, Working Capital Fund Financial Accountant, by Tuesday, July 19, 2022.
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According to a new report from the UMASS Donahue Institute, Black and Latino households got more mortgages than ever in 2020 — but continued to buy houses in only a small number of Mass. communities. Here's a write-up from the Boston Globe. | |
Submissions wanted for News & Notes | |
Do you have any summer projects and plans you're especially proud of? Share them with your MassHousing colleagues via News & Notes. Just email Deepak Karamcheti.
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