MassHousing Update, May 2021 |
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To our partners, customers and stakeholders |
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With more than one month remaining in Fiscal Year 2021 (July 1, 2020 to June 30, 2021), MassHousing has closed nearly $1.56 billion in financing to support affordable homeownership and rental housing opportunities for thousands of households in the Commonwealth.
As of May 17, MassHousing had closed $809.3 million in financing to support Massachusetts homebuyers and homeowners. That total includes $793.3 million in first mortgage loans to help 2,872 households buy or refinance their home and 1,171 down payment assistance loans for $14.6 million. The Agency made an additional 62 loans for nearly $1.4 million to help homeowners make improvements to their properties, repair a failing septic system or remove hazardous lead paint.
On the multifamily side of the business, MassHousing has closed a total of $746.3 million in financing for 30 developments with a total of 3,813 units, 3,584 of which are affordable. Several other transactions are on track to close before the end of FY21. |
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'A Path Forward' approaches racial justice and housing from all angles |
On April 28, MassHousing and the Agency's partners from the public, private and nonprofit sectors gathered online to discuss a variety of strategies aimed at promoting racial justice in the housing industry.
More than 450 professionals from housing, banking, government and other industries registered for the MassHousing symposium A Path Forward: Crafting a Just Housing System for the Commonwealth. The event included sessions on Addressing the Racial Homeownership Gap; COVID-19 Housing Stability Response to support renters; Diversity, Equity & Inclusion at Work; Building the Pipeline for diverse businesses in the housing development ecosystem; and a Policy Brief on federal, state and local policy for housing production.
Information and resources from the symposium and on the topic of racial justice and housing will soon be available on masshousing.com. Recordings of all sessions from the symposium are available on MassHousing's YouTube channel. |
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Rachel Madden named Chief Financial & Administrative Officer |
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Rachel Madden has been named MassHousing's new Chief Financial & Administrative Officer, replacing Chuck Karimbakas who recently left the Agency for a new role at cfX.
Since joining MassHousing in 2018, Rachel has served as Chief Operating Officer. Over the course of her more than 20 years in public service, Rachel has had several leadership roles, including Undersecretary for the Executive Office of Administration and Finance in the Baker-Polito Administration and Director of Administration and Finance for the Massachusetts Water Resource Authority (MWRA).
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The State of the Market in Massachusetts, June 15
A free online event from MassHousing and Freddie Mac
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MassHousing and Freddie Mac will host The State of the Market in Massachusetts, a free online event on Tuesday, June 15 from 10:00 a.m. to 11:30 a.m.
This event will provide lenders, Realtors, nonprofit homebuyer education agencies and community partners with expert analysis of the market; insight into MassHousing's lending goals and efforts to increase homeownership rates among persons of color; and Freddie Mac's commitment to affordable lending in Massachusetts.
Speaking at this event will be:
- Mounzer Aylouche, Vice President, Homeownership Programs MassHousing
- Ajita Atreya, Macro Housing Senior Economist, Freddie Mac
- James V. Hall, Affordable Lending Manager, Freddie Mac
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Is there an affordable home loan with up to $25,000 in down payment assistance in Massachusetts? Yes! Only at MassHousing.
The loan also provides job-loss protection and zero mortgage insurance premium from the borrower
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MassHousing's most flexible loan yet, Workforce Advantage 2.0, is empowering first-time homebuyers with modest incomes who purchase in Boston or one of the 26 Gateway Cities.*
Who is eligible to apply
- Buyers with household incomes up to 80% of the Area Median Income. View limits (PDF download)
- Buyers who purchase a single-family home, condominium or two-family home in Massachusetts
Down payment assistance (DPA) details
- For buyers in Boston or the Gateway Cities: DPA loan amount is up to 5% of the sales price or $25,000, whichever is less
- For buyers in all other Massachusetts communities: DPA loan amount is up to 5% of the sales price or $15,000, whichever is less
- DPA loan is a 0% deferred mortgage due upon sale, refinancing or payoff of the first mortgage
Job-loss protection with MIPlus
- If the borrower loses their job and collects unemployment, MassHousing will help pay the principal and interest on the loan for up to six months. Learn more about MIPlus protection
No mortgage insurance premium
- MassHousing pays the mortgage insurance premium on behalf of the borrower. No monthly PMI payments from the borrower, no lender-paid PMI.
If you'd like to learn more about Workforce Advantage 2.0 and MassHousing's other affordable loan products for Massachusetts homebuyers, contact our HomeOwnership Team at homeownership@masshousing.com or 888-843-6432.
*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.
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Kick off Home Ownership Month with these empowering resources |
June is National Home Ownership Month. This year, the market in Massachusetts is challenging for first-time buyers, as supply is low and demand is high.
To empower homebuyers in any market, we have a wealth of information available on our website, masshousing.com. Here are some quick links to get started:
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Bergen Circle, Springfield: MassHousing is providing $21.2 million in financing to support The Michaels Organization's efforts to extend affordability and complete extensive renovations to this 201-unit community. Read more…
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Bartlett Station, Boston (Roxbury): Nuestra Comunidad Development Corporation and Windale Developers are using $13.2 million in MassHousing financing to construct 60 new, mixed-income apartment homes as part of the five phase redevelopment of the former MBTA Bartlett Bus Yard in Nubian Square. Read more…
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Majestic Apartments, Lowell: $2.5 million in MassHousing financing will help Affordable Housing and Services Collaborative refinance and extend affordability at this 34-unit development for senior citizens and residents with disabilities. Read more…
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Supporting vaccination efforts in senior housing |
As a result of a public private partnership involving MassHousing, DHCD, CEDAC, the Executive Office of Elder Affairs and 172 different vaccination providers, more than 111,000 doses of COVID-19 vaccine have been distributed at 856 senior living communities in Massachusetts, fully vaccinating 58,514 people.
The effort dates back to January and the Federal Pharmacy Partnership Program (FPPP) in which CVS and Walgreens partnered with 200 affordable senior developments to conduct onsite vaccination clinics. MassHousing, CEDAC and Elder Affairs provided training and technical assistance and facilitated communication among housing management staff, CVS, Walgreens and the COVID Command Center.
A few weeks later, the state initiated its own affordable senior housing vaccination program and MassHousing, DHCD and Elder Affairs pivoted to help affordable senior housing operators (who were not part of FPPP) find vaccination partners, manage vaccine orders and coordinate clinic scheduling.
"The coordination of COVID-19 vaccination clinics by MassHousing, the Executive Office of Elder Affairs, municipal and healthcare partners and housing organizations is truly an amazing example of effective collaboration in the midst of chaos," said Trevor Samios, Vice President, Connected Communities at WinnCompanies. "It led to much-needed peace of mind for tens of thousands of elderly residents across the state."
EOHHS Secretary Mary Lou Sudders recapped these efforts in a recent COVID press conference and mentions MassHousing, DHCD and CEDAC at 18:15 of the video. |
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Celebrating Asian Pacific American Businesses |
In celebration of Asian Pacific American Heritage Month in May, we are highlighting two Asian American owned businesses that participate in MassHousing Diversity & Inclusion events and work with MassHousing-financed rental communities. |
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East Coast Flooring Founder Sunil Lulla, left, and Warehouse Manager Justin Gohring at a MassHousing Diversity & Inclusion Trade Fair
East Coast Flooring
East Coast Flooring--a family-owned and operated company based in Wrentham--has offered flooring sales and installation on the South Shore for more than 30 years. Founded in 1988 by Sunil Lulla, East Coast specializes in vinyl, vinyl plank, carpet, VCT, tile and laminated replacement.
"We have extensive experience in residential and commercial flooring work," said Mr. Lulla. "Our specialty is working with property managers to turn around buildings fast.”
East Coast Flooring has a showroom located in Wrentham but serves the entire Greater Boston area. The company has done business with several MassHousing management companies, including Peabody Properties, HallKeen Management, Federal Management, Preservation Management, Trinity Management and Barkan Management.
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Sterling Printing Founder Ricky Malrani, right, and staff member Joe Baker at a MassHousing Trade Fair
Sterling Printing
Sterling Printing is an SDO-certified family owned and operated full-service printing company located in Stoneham. Founded by Ricky Malrani in 1987, Sterling specializes in commercial printing and graphic design; marketing and promotional materials; direct mailing; banners and posters; color T-shirts and screen printing; labels; trade show and convention printing services; architectural drawings; and union and political printing.
“We take pride in working with all our clients and have done well since our inception because we have changed with times and given the clients what they look for to enhance their own product and image,” said Mr. Malrani.
Sterling is a vendor on the Commonwealth of Massachusetts printing and promotional products contract OFF 44 and has provided printing services to a number of governmental entities, including MassHousing. The company has also worked with such MassHousing-financed housing developments as Winslow Village II, Spring Gate - Rockland Place, Mountain View Terrace and Hancock Court.
For almost 20 years, Sterling has participated in MassHousing sponsored trade fairs and has been a strong supporter of D&I's programs; participating as a guest speaker at one of D&I's Business Partners Awards Ceremonies.
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