March 2024

Equitable Business Development

MassHousing, MHIC partner on new $50 million program to help more diverse developers build more housing

Pictured above, MassHousing CEO Chrystal Kornegay was interviewed by WBZ-TV for a story on the newly launched Equitable Developers Fund. MassHousing and the Massachusetts Housing Investment Corporation (MHIC) partnered to launch and grow the new $50 million fund, which aims to diversify the state's housing delivery system by providing enterprise level financing to active developers from socially and economically disadvantaged backgrounds and communities. The fund is the largest publicly led financing program of its kind in the country. Learn more about the Equitable Developers Fund.

Add your company to our Business Enterprise Directory 

Is your diverse business looking to connect with developers, contractors, or property managers to find its next business opportunity? If yes, add your company to our business enterprise directory today. Start here so that affordable housing developers, general contractors and management companies can find you. 

CCRI continues support for individuals and families in recovery

The Center for Community Recovery Innovations (CCRI) is a nonprofit subsidiary of MassHousing that supports the creation and preservation of affordable housing and related programming for individuals and families in recovery.  

CCRI recently announced that it had awarded four grants for $220,000 to preserve 28 affordable sober housing units and provide supportive services to 385 residents impacted by substance use disorder. And in 2023, CCRI awarded a total of $679,837 in grant funding to help create or preserve 98 affordable sober housing units and provide supportive services to men, women and families impacted by substance use disorder. 

To date, CCRI has awarded more than $15.5 million in grants to create or preserve nearly 3,000 units of substance-free housing in 54 communities. Among the projects to receive CCRI support is the Rev. Richard and Gail Pryce Housing, which recently celebrated its opening on Oakham (pictured). MassHousing provided $125,000 through CCRI to help Dismas House acquire and renovate a two-family home into six units of affordable sober housing for program graduates and their families.


MassHousing expands Down Payment Assistance to reach more first-time homebuyers 

MassHousing has expanded its down payment assistance program to help more first-time homebuyers than ever before. 

Eligible first-time homebuyers can now access down payment assistance of up to $30,000 when buying a home in every city and town in Massachusetts. The funds may be used to help cover a down payment and closing costs. 

Down payment assistance from MassHousing is only available to eligible homebuyers using an affordable MassHousing Mortgage to purchase a single-family home, condominium, or a 2-4 family property that will serve as the borrower's primary residence. 

Learn more about the new and improved Down Payment Assistance from MassHousing.

Our top home mortgage lending partners and loan officers

Thanks, and congratulations to MassHousing's Top Homeownership Lending Partners, Top Producing Loan Officers and Top Loan Officers by County for calendar year 2023! The top lending partner was Guild Mortgage, and the top loan originator was Denise Peach of Total Mortgage Services. MassHousing works with a network of community banks, credit unions and lender partners to make our affordable mortgage loans and down payment assistance available to first-time homebuyers. If you’re interested in learning more or are ready to get pre-approved or apply for a MassHousing Mortgage, contact one of our lending partners today!  

MassHousing borrowers are guests of the Governor

The Corona family – who purchased their first home in Haverhill with a MassHousing mortgage loan and a MassDREAMS grant – are pictured here with Governor Maura Healey, who invited them to be her guests for the annual State of the Commonwealth Address in January. Here is the moment in the speech when Governor Healey recognizes the Coronas. You can also view a video about the family's homebuying story

Harvard University Employees Credit Union now a MassHousing lender

Harvard University Employees Credit Union is now an approved MassHousing lender, and able to originate MassHousing Mortgage loans and down payment assistance to its members. MassHousing works with a network of more than 90 community banks, credit unions and lenders to help Massachusetts homebuyers access our affordable loan products. Welcome, HUECU! 

Angelo Nuby recognized by Mortgage Bankers Association

Congratulations to Homeownership's Angelo Nuby (right), who received the Norma F. Mosely Housing Advocate of the Year Award at the Massachusetts Mortgage Bankers Association's Annual Meeting in recognition of his long-standing and invaluable contribution to fair housing advocacy in Massachusetts. VP for Homeownership Programs Mounzer Aylouche (left), a member of the MMBA Foundation's Board, presented the award to Angelo.

Homeownership on the road

Rocco Leone and Oneida Fuentes (second and third from the right above) were in Longmeadow for the Realtors Association of the Pioneer Valley's (RAPV) annual installation of officers and directors. MassHousing partners with Realtor associations across Massachusetts to help connect homebuyers with our affordable mortgage products.

Ellie Fernandes and Angelo Nuby are pictured fourth and fifth from the right below during a stop at the new Taunton office of NeighborWorks Housing Solutions, one of MassHousing's key nonprofit partners. NeighborWorks Housing Solutions provides homebuyer education and helps homeowners access the Get the Lead Out loan program.

Goretti Joaquim spoke about MassHousing loans and down payment assistance to about 130 attendees at an event co-sponsored by Cape Cod and Islands Association of Realtors and Amplify of Cape Cod, which is working to eliminate the racial wealth gap by removing barriers created by systemic racism. Goretti is pictured above left with Freddie Mac's James Hall and the MMBA's Debbie Sousa.

MassHousing Mortgage Insurance Fund Director Tom Norton discussed MassHousing's mortgage insurance with MIPlus™ at the Innovations in Mortgage Finance Symposium hosted by the Federal Home Loan Bank of San Francisco and Urban Institute. The event highlighted the Racial Equity Accelerator for Homeownership, a joint effort by the FHLB San Francisco and Urban Institute to address the racial homeownership gap.

Rental Housing

MassHousing surpasses 100th MAP loan; closing in on $2.5B

MassHousing recently closed the 100th and 101st loans under the Multifamily Accelerated Processing (MAP) program, which began in 2015. MassHousing is on track to have closed $2.5 billion in total MAP financing by the end of June 2024. 

The 100th loan was a $63.4 million transaction made for the 285-unit Blue Elm United Estates in Boston, and the 101st was a $94 million transaction for the 432-unit Westminster Village in Lowell. MassHousing is partnering with Rockport Mortgage Corporation in a joint venture arrangement on MAP transactions. 

“We are extremely proud of our partnership with MassHousing through the MAP Joint-Venture Program, ensuring the affordability of more than 13,000 multifamily housing units in Massachusetts to-date,” said Dan Lyons, President and Managing Partner of Rockport Mortgage. “We look forward to continuing this important work for many years to come, stabilizing housing developments for some of the most at-risk members of our broader community.”

MAP lending has consistently provided the multifamily mortgage industry with its most competitive long term, taxable interest rates. Under the joint venture initiative, the MAP lender partner prepares the submission of each transaction for HUD's approval, and MassHousing then closes the new loan and issues a Ginnie Mae Mortgage-Backed Security (MBS).

Recent Rental closings and events

500 Talbot, Boston (Dorchester)

$19.7 million in affordable and workforce housing financing from MassHousing will help JMB Property Development Company construct a new mixed-income development with 42 new transit-oriented rental homes, including 17 workforce housing units, as well as retail space that will include a new grocery store. Read more

The Pointe at Hills Farm, Shrewsbury 

WinnCompanies will use $21 million in MassHousing financing to create a new 93-unit development for residents with a range of incomes. The project, now known as The Elmwood, features a variety of amenities and is being built in proximity to major highways and interstates, as well as a commuter rail station. Read more

10 at 8th, New Bedford

MassHousing is providing Alinea Capital Partners with $16.4 million in financing to develop a new 52-unit affordable rental community on the site of a former RMV building and parking lot in downtown New Bedford. Read more.

Ribbon is Cut for 140 Clarendon

MassHousing joined city and state officials, community partners, residents and others to help celebrate the completion of work at 140 Clarendon in Boston’s Back Bay. MassHousing provided $58 million in financing to the project, which transformed a historic building owned by the YWCA into 210 affordable apartments, 111 of which are permanent supporting housing units for residents coming out of homelessness. The collaborative effort included Beacon Communities, YW Boston, the Pine Street, city and state offices and MassHousing. Read more about the project from the Boston Globe.

Ribbon Cut at J.J. Carroll House

2Life Communities celebrated the completion of the newly constructed J.J. Carroll House in Brighton on March 18.

The project, which began construction in October 2021, redeveloped 64 public housing apartments across multiple outdated buildings and created a new, modern and energy-efficient building offering 142 affordable apartments to older adults and persons with disabilities. Read a story about the project from WGBH.

Climate Ready Housing: 2024 Application Now Open

POAH received an award from the Climate Ready Housing Program to support the decarbonization of the Fairweather Apartments in Salem

Applications are now being accepted for the 2024 funding round of the Climate Ready Housing Program, which helps property owner complete renovations that lower carbon emissions at existing affordable housing developments. The program is administered by MassHousing and the Massachusetts Housing Partnership on behalf of EOHLC, with the support of LISC Boston. The pre-application deadline for the 2024 funding round is April 12. Learn more about the Climate Ready Housing Program.

CommonWealth Builder

CommonWealth Builder turned these renters into homeowners

Murad (pictured) and Aisha both realized their dreams of owning a home when they each purchased a unit at Saige on Fountain in Roxbury, a new affordable homeownership development that received financing through MassHousing's CommonWealth Builder program.  

Watch Aisha's story | Watch Murad's story

18 new condos for moderate-income buyers coming to Revere

$4.6 million in CommonWealth Builder Program financing to Broadway Capital Inc., will help to fund 71 new mixed-income condominiums in Revere, including 18 new homeownership opportunities for moderate-income first-time homebuyers. Read more.

30 new townhomes for moderate-income, first-time homebuyers coming to Taunton

MassHousing has closed on approximately $10 million in financing through the CommonWealth Builder Program to Tremont Development Partners LLC to develop 30 new townhomes for purchase by moderate-income, first-time homebuyers in Taunton. Homes are expected to sell between $195,000 and $255,000. MassHousing's Sebastian Zapata is pictured second from left at the recent groundbreaking.

Housing Stability

Inclusion and Leadership mini grants of up to $2500 available for MassHousing-financed rental communities

MassHousing's Housing Stability Department is pleased to announce the first round of Housing Stability Grants: The Inclusion and Leadership Mini Grants. The grants will support resident-centered initiatives that build capacity for resident leadership across the MassHousing portfolio. Applications are now open to MassHousing-financed properties through the MassHousing's Rental Business Portal. Learn more about these grants or the application process

MassHousing remains at the forefront of statewide, local efforts to address hoarding

Through the Housing Stability Department, MassHousing continues to lead efforts to confront the issue of hoarding by hosting hoarding trainings for rental housing and social service professionals, maintaining a comprehensive collection of hoarding information and resources, and participating in the Massachusetts Hoarding Disorder Resource Network. 

MassHousing recently launched a pilot initiative that provides consultation services to help sites enrolled in the Tenant Assistance Program (TAP) with hoarding situations among their residents. Through the end of February, 20 consultation referrals have been made. In addition, 165 housing professionals have attended monthly discussions hosted by our consultation partner, ClearPath.

Through the Tenancy Preservation Program (TPP), TAP member sites can refer residents with hoarding behavior and the local TPP provider can access Hoarding Flex Funds to cover needed services. Hoarding Flex Funds have been used at five member sites, resolving four eviction cases with one case pending. 

Housing Stability Summer Youth Employment program is open for application on March 25

The annual Housing Stability Summer Youth Employment program is scheduled to open for applications on Monday, March 25. This year, MassHousing sites and qualified organizations can apply for up to $75,000 to employ youth ages 14 to 21 who reside in MassHousing developments. Ideal programs will include components that support youth success such as leadership development, mentorship, financial education, banking and other innovative programming. Visit the MassHousing Housing Stability Impact Initiatives page to learn more or contact Gloria Brand at for more information.

Mass. Community Climate Bank

Work is underway at the Mass. Community Climate Bank

The new Mass. Community Climate Bank, which has been established under the auspices of MassHousing to finance the decarbonization of affordable housing, has hit several milestones as it ramps up activity.  

Maggie Super Church was hired as the first full time staff person to be the Director of Policies and Programs. The MCCB website is now live, and you can follow MCCB on LinkedIn and on Instagram. The MCCB has published a capabilities document showing that it is ready to help put federal Greenhouse Gas Reduction Funds (GGRF) to work immediately in Massachusetts. A report on the activities of a recent roundtable with stakeholders can also be found on the MCCB website.

Community Revitalization

Office-to-housing conversion planning funds now available for cities and towns

In partnership with the Executive Office of Housing and Livable Communities, MassHousing has launched a program to help municipalities interested in converting commercial office spaces to housing. MassHousing CEO Chrystal Kornegay joined Governor Healey and other officials in announcing the program in Worcester. To learn more, register for a webinar on March 26. Applications are due no later than May 1. Learn more about the Commercial Conversion Initiative. Or, read a story about the program from MassLive.

Corporate & Leadership News

MassHousing Chair Jeanne Pinado was appointed by Governor Healey to The Unlocking Housing Production Commission and sworn in by EOHLC Secretary Ed Augustus. The Commission will examine legislative and regulatory challenges to the production of housing and develop actionable steps to increase the much-needed supply of housing. 

CEO Chrystal Kornegay was appointed by Governor Healey to a new Housing Advisory Council. The Council will develop a comprehensive housing plan for Massachusetts, including strategies for substantially increasing housing production; preserving and upgrading existing housing stock; supporting individuals and families struggling with homelessness; and using housing to create economic mobility for all.

From left to right: Nancy McDonald, Chrystal Kornegay, U.S. Representative Ayanna Pressley, Tony Richards

MassHousing's Tony Richards introduced Congresswoman Pressley at the NCSHA conference.

CEO Chrystal Kornegay, VP for Equitable Business Development Tony Richards and Government Affairs Director Nancy McDonald are pictured above with Representative Ayana Pressley and below with Senator Ed Markey. MassHousing was in Washington, D.C. recently for the National Council of State Housing Agencies (NCSHA) Legislative Conference, and met with members of the Massachusetts Congressional delegation to discuss housing needs, programs and priorities. 

Chrystal Kornegay was among the speakers at The Legacy Pioneers: Champions of Equity, a Black History Month celebration hosted by the Black Economic Council of Massachusetts (BECMA) on February 12.

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