Elderly residents of Hunter Place in Springfield to see property improvements as a result of $5 million in MassHousing financing

Spring Gate Apartments in Rockland

MassHousing has closed approximately $15 million in loans for four affordable rental housing communities with 1,695 apartments in Rockland, Southbridge, Ware and Worcester.

The new loans will be used to help pay off the remaining balances on loans made when the apartment communities were first built in the 1970s.

These transactions allow the owners of the apartment communities to participate in a new HUD initiative called the Rental Assistance Demonstration program, or RAD. By participating in RAD, the owners are able to continue to provide below-market subsidized rents to their residents. Continue reading...

The redevelopment of South Boston's Old Colony received $1 million from the AHTF

MassHousing and the state Department of Housing and Community Development (DHCD) recently closed $22 million in Affordable Housing Trust Fund (AHTF) loans for affordable housing in 16 communities.

The AHTF financing will help create or substantially rehabilitate and preserve the affordability of 973 rental apartments. Continue reading...

Senior citizens living in the 130-unit St. Stephen's Tower in Lynn will see major property renovations and affordability extended as a result of $16.4 million in MassHousing loans.

In financing this transaction MassHousing, in collaboration with Beacon Communities, used an innovative, first-by-the-Agency execution where the loan was underwritten with a 17-year term and a 35-year amortization period that will be serviced with a declining loan balance. As a result of the MassHousing financing, the property will receive Section 8 project-based vouchers through the HUD Moving to Work program, which is administered by the Cambridge Housing Authority. This transaction will extend the affordability at St. Stephen's for the next 30 years. Continue reading...

MassHousing has implemented a number of changes to the Agency's 40B Comprehensive Permit Programs to make the process easier for applicants and to allow for a quicker review of 40B Site Approval applications.

MassHousing took on this initiative to improve the process for making decisions about Site Approval and Final Approval Applications both for MassHousing staff and our external clients. Continue reading...

Senior citizens living in the 80-apartment Hunter Place in Springfield will see significant property improvements as a result of $5 million in MassHousing financing.

An affiliate of Valley Real Estate is refinancing and rehabilitating Hunter Place, which was built in 1975. MassHousing recently closed a $5 million bridge loan and the property will receive an estimated $6 million from the sale of state and federal Low Income Housing Tax Credits. Continue reading...

MassHousing's Rental Management Division is preparing to embark on its third round of statewide "Listening Tours" at which the Agency will review feedback from a recent survey of property managers and provide updates on other matters.

The new series of Listening Tours will take place in February and March in Boston, Lynn, New Bedford, Worcester and Springfield. Continue reading...

Annual Agency event has raised $30,000 over the past 14 years

MassHousing's Peter Milewski (left) and Tom Lyons (right) present a check from the Holiday Soup Kitchen to New England Center for Homeless Veterans President and CEO Andrew McCawley

The "Soup Kitchen" started 14 years ago when MassHousing staff working with the Agency's Mortgage Insurance Fund (MIF) wanted to do something to help the homeless other than hand over the spare change in their pockets.

"The idea was to have a holiday event where we could sell something we made where 100% of the proceeds went to a charity associated with homelessness," explained Peter Milewski, MassHousing's Director of Homeownership Lending and Business Development. Continue reading...