August 28, 2015

MassHousing multifamily preservation loans in Agawam and Greenfield are first in Massachusetts through new partnership with HUD, U.S. Treasury

Loans are only the second and third in the nation after New York's last year


Pheasant Hill Village in Agawam

MassHousing has closed two multifamily preservation loans through a new partnership that provides lower interest rates on loans to owners of subsidized rental housing, giving them new incentives to refinance, make capital improvements and lock in long-term affordability for lower income residents.

The initiative is a partnership with the Obama Administration's Department of the Treasury, Department of Housing and Urban Development (HUD), and state housing finance agencies (HFAs) like MassHousing. The new initiative was first outlined by Secretary Jacob J. Lew in a Treasury announcement in June 2014. Previously only one transaction in New York had closed under the new program.

In this new partnership, the Federal Financing Bank (FFB) purchases a 100% participation interest in the loan. HFAs such as MassHousing service the loan and principal and interest payments flow through a custodian back to the FFB.

"Working with Treasury and HUD has been a very productive partnership, and they are to be commended for their commitment to the cause of affordable housing," said MassHousing Executive Director Tom Gleason, who also serves as President of the National Council of State Housing Agencies. "HFAs have been working for several years to find an efficient affordable housing financing tool to support the HUD/HFA Risk Share Program. This new partnership is a major step forward in accomplishing that goal and provides a great value to the borrower."

"We continue to depend on the insights and expertise of MassHousing and other HFAs to help us address the lack of affordable rental housing," said Gary Grippo, the Treasury's Deputy Assistant Secretary for Public Finance. "The demand for affordable rental housing continues to rise while the supply is in real danger of shrinking. This partnership will provide HFAs with an important tool for their mission to construct and preserve affordable units."

The first MassHousing loan supported by the FFB was $17.6 million to Pheasant Hill Village Associates, an affiliate of SHP Acquisitions, to refinance Pheasant Hill Village, a 200-unit Section 8 apartment in Agawam, Massachusetts. Part of the loan will fund capital improvements such as replacement of boilers; updated plumbing; energy efficient lighting fixtures; accessibility improvements; and site and exterior repairs. Affordable rents will be maintained for at least 20 years as a condition of the loan.

The previous loan on the property, which was made in the 1970s and ensured the units would be affordable to low income renters, was set to mature in the next several years. Upon mortgage maturity the owner would have been free to explore the possibility of converting the apartments to market rents.

"This transaction was very important to SHP and all the families at Pheasant Hill Village," said Dan Smith of SHP Acquisitions. "Working successfully with MassHousing to complete this refinance, we have been able to provide funds to keep this asset in great condition for the next 20 years. Additionally, we are able to commit to keeping these rents affordable for 20 more years. Both MassHousing and HUD have worked tirelessly to provide this special finance program. A true win-win for everyone involved."

The second loan was for $6.8 million to Greenfield Acres LLC, an affiliate of The Congress Companies to refinance Greenfield Acres, a 94-unit elderly housing development in Greenfield, Massachusetts.


Greenfield Acres in Greenfield

Originally built in 1972, the property had an outstanding permanent loan that was set to mature in March of 2016. With the refinancing, the 20 Section 8 units for low-income residents will remain affordable for at least 20 more years (the remaining 74 units are market rate). Those affordable units could conceivably have converted to market rents had affordability not been preserved in this transaction. The owner will use some of the proceeds from the loan to install energy-efficient boilers, thermostats, windows and doors as well as additional installation. Four units will be converted to fully-accessible units.

"We are honored and thrilled to participate in another successful transaction with MassHousing and HUD," said William A. Nicholson, CEO of The Congress Companies. "The Risk Sharing program through the Federal Finance Bank is truly an innovative, cutting edge program, which will provide continued affordability, construction renovations and improvements to properties, and allow the continuation of our valued partnership with MassHousing and HUD. Everyone is a winner in this program, which is fundamental to a good transaction. We look forward to continuing our excellent working relationships with MassHousing, HUD and Federal Finance Bank."

"These loans had interest rates that were in the high threes and low fours, whereas a typical MassHousing loan of this kind might otherwise be in the low fives at today's rates," said MassHousing's Deputy Director Timothy C. Sullivan. "We couldn't offer a rate like that without efficient financing from the FFB, and we think this offers the potential for many owners to refinance and lock in affordable rents for residents for at least 20 years."

For example, on an $11 million loan (the average rental loan amount for MassHousing last fiscal year) with a 40-year term and an interest rate of 5.125%, a borrower's annual principal and interest payment would be $647,466. With an interest rate of 3.875%, which is in line with the FFB's rates for the HUD Risk Share Program, P&I payments would be $541,461 per year, for a savings of $106,005 per year to the borrower. As a result a borrower would have more than $2 million in additional borrowing capacity.

"This is a perfect example of what can happen when state and federal agencies come together with the private sector to achieve a common purpose," said Benjamin T. Metcalf, HUD Deputy Assistant Secretary for Multifamily Housing. "Together, HUD and the Treasury Department are giving MassHousing the best possible tools to lower the cost of credit for building owners in order to preserve critically needed affordable housing for hundreds of families."

In addition to this new initiative, MassHousing has also recently begun closing refinancings using HUD's Multifamily Accelerated Processing (MAP) and those loans have a Ginnie Mae guaranty, which is attractive to investors.

"There are dozens of affordable rental communities in Massachusetts with subsidized mortgages that will mature in the next 5-7 years, and this new loan structure from HUD and the FFB, along with our MAP/Ginnie Mae execution, makes great sense for owners, for MassHousing and for residents," said MassHousing's Gleason. "It's really a win-win-win."

Multifamily property owners interested in learning more should contact David Keene MassHousing's Chief Preservation Officer at 617-854-1124 or

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New lending platforms offer multifamily borrowers lower rates, better and faster executions

By Emily Wilson and Alex Fairchild
MassHousing Summer Interns

With 450 multi-family developments in its mortgage portfolio, many of which are approaching their loan maturity dates, MassHousing has expanded its product offerings, enabling borrowers to take advantage of historically low interest rates.

The Agency is offering two new products including HUD's Multifamily Accelerated Processing/GinnieMae MBS ("MAP/Ginnie") platform and the U.S. Treasury's Federal Financing Bank ("FFB") Initiative.  

MAP/Ginnie Mae Executions
In order to move swiftly into the MBS space while interest rates are still at relative historic lows, MassHousing has partnered with two HUD-approved MAP lenders:  CBRE and Rockport Mortgage Corporation. The MAP lenders prepare the HUD firm commitment submission for each transaction. It is then up to HUD to make the final credit decision. The GinnieMae MBS "wrap" in particular enables the lower interest rates for borrowers.

MassHousing attorney Beth Elliott was one of the MassHousing team members that developed the product. "It was fun learning something new and doing something different" she said. "It took a lot of work with our partners, Rockport and CBRE, as well as among our own staff because our requirements are so different, but the final product is very attractive to borrowers."

In partnership with Rockport Mortgage, three MAP/Ginnie loans were closed just prior to the end of the Agency's fiscal year on June 30—one each in New Bedford (Bedford Towers), Lowell (Market Mill Apartments), and Fall River (Borden Street Housing). As of July, there were 10 other MAP/Ginnie loans in the pipeline totaling approximately $175 million.

"Rockport and CBRE have some of the best and brightest people in the industry and we're delighted to co-brand our MAP platform with them," said Sergio Ferreira, Director of Rental Operations at MassHousing

With each new MAP/Ginnie loan, MassHousing continues as the mortgagee of record and becomes a GinnieMae servicer. This ensures affordability, as each completed transaction will require the owner to rent at least 20% of the units to those earning less than 80% of the area median income. Affordability at many properties could be at risk were MassHousing unable to offer the product, as owners could refinance with other lenders who do not require affordability restrictions.

"This program provides MassHousing with a great opportunity to preserve affordability," said Christopher Burns, MassHousing's Manager of Taxable Executions. "With properties that are 30 to 40 years old, even if they're well-maintained, they are tired and in need of updating. This is a great opportunity for owners to put new money into these projects, to fully capitalize reserves for long-term physical needs. Many owners who originally developed these properties and over the years saw modest returns year after year are now able to realize the value of their investment by pulling out equity."

Going Forward
Part of MassHousing's Strategic Plan is to offer products that benefit borrowers and to partner with other firms, thus leveraging the experience of other MAP Lenders. In doing so, MassHousing hopes to be able to expand the number of loans it can complete per fiscal year.

"We have a goal of doing 35 MAP/Ginnie loans next year and I'd like to see us get to a point where we're doing 40 or more transactions annually," Ferreira said. "That would help move the needle in preserving affordability and in keeping loans in our portfolio for the next decade."

US Treasury/FFB Executions
Through a second new execution, MassHousing is able to deploy its traditional lending model—HUD Risk Share insurance—with low-cost funds from the U.S. Treasury. Under this new initiative, the U.S. Treasury's Federal Financing Bank (FFB) invests in MassHousing's Risk Share loans and thereby reduces the cost of financing federal and federally assisted borrowing programs. HUD/FHA takes 50% of the risk of loss and the housing finance agencies like MassHousing take the other 50%. Thus, the FFB is fully insured on its investment, as its statutory authority requires.

A System of Efficiency
With the FFB program, MassHousing can offer an execution comparable to that which the private market is able to provide. This creates an efficient system for refinancing existing multifamily properties. "We have real risk at MassHousing," says David Keene, MassHousing's Chief Preservation Officer. "We really care that our work is done well."

Given the pricing, MassHousing is hoping to have parity with the GinnieMae executions, and hopes to be speedier in terms of underwriting as a result of the delegated processing under the Risk Share program, which reduces HUD's workload significantly. However, since the FFB is investing in real estate for the first time, the initiative did pose a fair number of challenges. The original intent was to provide investment for tax-exempt financing but for now it remains only for taxable financing.

MassHousing also hopes for a longer forward commitment to allow for new construction financing. "We have seen a healthy interest in the program and I think that interest will be dialed up a notch if there's any sense in the market that the rates will go up," said Monte Stanford, MassHousing's Director of Rental Lending. "Managing the volume of loans that is coming in is a good problem to have."

"In the future, we hope the FFB program will include a guaranteed federal take-out on [insured-upon-completion] transactions, supplying HFAs with a better financing strategy for existing multifamily properties, and that HFAs will have an execution comparable to the private market," added Stanford.

A Welcome Opportunity
For Stanford, this new program is attractive because, for the first time, MassHousing is partnering with the Treasury. "Beyond this execution, we now have a relationship with people in the Treasury and the FFB" he said. "We are hoping this year to close $350 million in loans, ideally 7-10 ($75m- $100m) of those being FFB transactions."

The number of loans will heavily depend on where rates go and what other products are introduced. "The more products you have, the more choices your borrowers have, and the more likely they are to come back to you to do more transactions," Stanford added. "Whether it is through FFB, MAP, our normal risk share, or maybe in the future with one of the GSEs with whom I'm working on right now. It's great to have these multiple channels. The pricing does matter, but MassHousing prioritizes the experience our borrowers have with us and we work to make sure it's a good one."

MassHousing staff attorney Linda Bosse is enthusiastic about the new program. "It's been a great experience partnering with the HUD and FFB teams to work through the issues for this new initiative and to know that our efforts will be reflected in housing developments not only in Massachusetts but throughout the country."

Bosse's goal with this initiative is to coordinate a smooth loan closing for borrowers. "Our first FFB loan closed at the end of June and we told the HUD and FFB teams they could probably hear our cheers all the way down in D.C."

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A (Re)New(ed) Focus on Fair Housing

By Deborah Goddard
Managing Director for Policy and Program Development

Deborah Goddard

Earlier this month MassHousing hosted a breakfast forum, "What does the Supreme Court Ruling on Disparate Impact and HUD's Final Rule Mean for Fair Housing?"

Sponsored by CHAPA and the Mel King Institute, the program was moderated by Charlotte Golar Richie, a Commissioner of the Massachusetts Commission Against Discrimination, and reviewed the U.S. Supreme Court decision in Texas Department of Housing & Community Affairs v. Inclusive Communities Project (TDHCA v. ICP) that upheld the theory of disparate impact liability under the Fair Housing Act as well as HUD's recently published regulation on affirmatively furthering fair housing.

In addition to explaining the Supreme Court decision and the HUD rule, panelists provided a legal and broad civil rights context for the fair housing issues raised in the case and the rule, and looked at the challenges facing Massachusetts in addressing its fair housing obligations with respect to siting and investing in housing as well as outstanding questions and tensions inherent in establishing and implementing housing policies that address racial segregation and disparate impact.

The panelists included David Harris, Managing Director, Charles Hamilton Houston Institute for Race and Justice; Henry Korman, Partner, Klein Hornig LLP; and Joe Kriesberg, President, Massachusetts Association of Community Development Corporations; and myself.

The lawsuit and the HUD rule have gained quite a bit of notoriety in the housing world, stirring up considerable debate and in some quarters, furor. The Inclusive Communities Project's disparate impact claims are targeted at the award of tax credits by TDHCA that resulted in an apparent pattern of approving tax credit applications for elderly units in Caucasian areas and for family units in minority neighborhoods. Putting a spotlight on the tax credit program in the context of discrimination and segregation would be sufficient, alone, to raise eyebrows in the housing community. But the HUD rule has, perhaps, caused more consternation.

The AFFH rule, initially published for comment in July of 2013, followed on the growing visibility of the concern for the differences in life outcomes based upon where one lives. Often discussed in terms of "high" and "low" opportunity areas, research has evidenced a disheartening ability to predict life outcomes (for instance, educational and job attainment) for children based upon whether or not they are raised in areas identified as areas of opportunity, and in parallel, an overwhelming correlation between race and opportunity areas, that is, areas of white concentration being identified as areas of higher opportunity than areas in which households of color are concentrated.

For several years there has been an ongoing discussion about how to address entrenched patterns of segregation and the ensuing disparities in life outcomes. The discussion and debate have been limited, generally, to a fairly small cohort of civil rights advocates and housing practitioners. However, in tandem, the disparate impact decision and the AFFH rule have served to bring the simmering debate to a boil.

The HUD rule, originally issued for comment over a year ago, engendered a considerable amount of debate, some of it quite ugly. The mainstream debate, however, now underscored by THDCA v. ICP, has focused on whether affirmatively furthering fair housing will be defined solely as undoing racial segregation by siting housing in neighborhoods and communities that do not have concentrations of households of color at the expense of investing in preserving and creating housing in communities of color, creating, in large part a debate that revolved around a suburban/urban dichotomy.

In Massachusetts, which is ahead of the curve on this topic given that the conversations about disparate impact and opportunity have been ongoing for several years, it is clear that the path forward is not an "either or" situation. Massachusetts has recognized that the response has to be twofold – open up communities that have created barriers, intentionally or otherwise, to integration and reinvest in communities of color. The way forward is fraught with questions and hurdles; it will take continued conversation and collaboration to continue to progress towards our goals of choice and opportunity.

View panelist presentations.

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MassHousing's Mortgage Insurance Fund approved as a Federal Home Loan Bank Provider

Peter Milewski
Peter Milewski

MassHousing's Mortgage Insurance Fund has been added as an approved primary mortgage insurance provider for mortgages eligible for purchase by the Federal Home Loan Bank of Boston as part of the Mortgage Partnership Finance (MPF) program for Massachusetts properties.

According to Peter Milewski, MassHousing's Director of Homeownership Lending and the Agency's Mortgage Insurance Fund, the Federal Home Loan Bank (FHLB) serves bank members which for the most part are community banks. The FHLB facilitates community reinvestment lending through their Mortgage Partnership Finance and companion programs such as the Equity Builder program.

"Many of MassHousing's lender banks also sell to the Federal Home Loan Bank and many of our community banks have asked us over the years if they could use MassHousing's MIF insurance on their MPF loans and up until now the answer was unfortunately no," said Milewski. "By having MassHousing's MIF approved by the Federal Home Loan Bank we will be able to insure more loans for low and moderate-income homebuyers in Massachusetts. This is important to both borrowers and lenders as MassHousing provides borrowers with a unique 10-year coverage for unemployment called MI-Plus, making up to 100% of the borrower's monthly principal and interest payment in the event they lose their job."

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As affordability begins to elude even middle-income workers, one Cambridge developer seeks to address the challenge

Rindge_150At its July Board meeting, MassHousing gave initial approval for $30 million in loans to preserve affordable rental housing at Rindge Apartments in Cambridge, a large, highly visible development near the Alewife MBTA stop and Route 2.

What makes the development noteworthy is the developer's (the non-profit Just-A-Start Corporation) plan to reserve 83 of the 273 units for families earning up to 95% of area median income ($93,580 in Cambridge). This middle-income tier is not always served in so-called affordable housing developments (rental housing for this demographic is sometimes called "workforce housing," although this is an imperfect term as certainly there are many people in the workforce with incomes below this level).

It is a commentary on the extraordinarily high cost of rental housing in metropolitan Boston, especially Cambridge, one of the hottest real estate markets in the Commonwealth. In 2014, the median rent for a two bedroom apartment in Cambridge was $3,150 per month and the median home sale price was $1.2 million. More than 40% of households in Cambridge earn less than 60% of AMI ($63,840), and there are close to 20,000 households on the Cambridge Housing Authority public housing waiting list.

As rents and home prices continue to rise faster than people's incomes, watch for more developers seeking to build or preserve units for residents at the 80% to 120% of AMI range. We look forward to updating our readers when this loan goes to closing.

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Two Boston summer camps among community organizations supported by MassHousing's summer youth employment initiative

Junior counselors at Phillips Brooks House worked with Boston youths; other young people learned about the power of video


Participants in the “My Voice” Summer Youth Camp gathered with their instructors at MassHousing to unveil their videos.

As part of its "beyond bricks and mortar" philosophy toward encouraging healthy housing communities, MassHousing provides funds for a number of summer jobs programs.

This past summer, for example, a $25,000 MassHousing grant helped to support junior counselors at a camp run by the non-profit Phillips Brooks House Association, while a $15,000 contribution supported a summer camp for young people to learn about video production.

The Phillips Brooks House Association was started by students at Harvard University. A summer camp organized by the group first launched at Villa Victoria, a MassHousing-subsidized apartment community in Boston's South End. "Today the PBHA runs summer camps for some 800 young people, with a high percentage of them coming from MassHousing-financed apartment communities," said MassHousing Director of Public Safety Thaddeus Miles.

A large gathering of young people from eight different PBHA camps occurred mid-summer at in Boston's Stony Brook reservation. A number of community leaders were honored there, including Gloria Bowers, a resident leader at Academy Estates; Felix Arroyo, Chief of Health and Human Services for the City of Boston and several state representatives.  The event saw young people enjoying activities such as a talent show, face painting, basketball and a dunk tank. “Often times, campers become junior counselors and then go on to college,” said Miles. He noted that Maria Dominguez Gray, the PBHA's Executive Director was once a camper, then a counselor and went on to obtain a graduate degree in education from Harvard.

Also this summer, MassHousing for the first time supported the "My Voice" Summer Youth Film Camp at Boston Neighborhood Network's (BNN) studios. MassHousing was one of several supporters including the state's Department of Children and Families, The Boston Foundation, the Timothy Smith Network, the Boston Public Schools, Adobe Voices and BNN.

At the camp, fifteen young people learned about video production and especially the software, Adobe Voice. They created a video about their community concerns after interviewing community leaders and premiered their videos at an event at MassHousing's offices. MassHousing's funds helped to support the instructors as well as stipends for the students. Instructors, who came from the Boston Public Schools, were certified in Adobe Voice.

For more information about MassHousing's Summer Youth Employment Initiative contact Thaddeus Miles at or 617-854-1138.

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MassHousing's David Keene Elected as Vice President of National Leased Housing Association's Board of Directors

Will serve a one-year term advocating policy for low and moderate-income housing

Dkeene_150MassHousing's David Keene has been elected to serve a one-year term as Vice President on the National Leased Housing Association Board of Directors.

Keene, the Agency's Chief Preservation Officer, will assist the NLHA in its mission of providing its members with information and advocacy concerning low and moderate-income rental housing. He previously served on the NLHA Board of Directors in 2014.

"The Association is facing many challenges this year and I look forward to tapping your enthusiasm and expertise to ensure that NLHA's members receive the best representation possible," Carlos Hernandez, the NLHA's president, told Keene in announcing his appointment.

Keene has been at MassHousing for 29 years. During that time, he has overseen more than $1 billion in refinancing for rental housing, tax credit recapitalizations and other loan transactions, as well as more than $500 million in annual Section 8 subsidies. He has developed several national award-winning programs, including those for Section 8 Proactive Preservation, Section 202 refinancing, Preservation Vouchers for state-assisted housing, Section 8 restructurings, and Expiring Use Friendly Prepayments.

"David Keene is a nationally recognized expert in state and federal programs involving subsidized rental housing and the financing of affordable housing," said MassHousing Executive Director Thomas R. Gleason. "The NLHA has made an excellent choice in electing David to its Board of Directors again and his expertise and experience will benefit thousands of people across the country who rely on low and moderate-income housing."

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Families at Lincoln Apartment Community Will See Affordability Preserved and Property Renovations as a Result of $15.6 Million in MassHousing Financing

The 125-unit Lincoln Woods Apartments is a mixed-income community with 72 affordable apartments


Families living at the 125-unit Lincoln Woods Apartments in Lincoln will see the extension of affordability and significant property improvements with the closing of $15.6 million in MassHousing financing.

Lincoln Woods is owned by an affiliate of The Community Builders (TCB) of Boston. TCB is using the MassHousing financing to renovate the property, which includes 72 apartments that are affordable to lower-income families. The remaining 53 apartments are rented at market rates.

The 72 affordable units will remain so for at least 30 years under the Low-Income Housing Tax Credit program and of the 72 units, 32 will have subsidy through the Massachusetts Rental Voucher Program.

"While Lincoln Woods is in generally good condition, this financing is going to result in a substantial renovation of the property for all the residents and extend the affordability for 72 families there for at least 30 years," said MassHousing Executive Director Thomas R. Gleason. "The Community Builders was committed to keeping Lincoln Woods as a valuable affordable housing resource in Lincoln and we were pleased to work with them on achieving that."

Lincoln Woods was built in 1976 with MassHousing financing. There are 39 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom apartments in 18 two-story, wood-frame buildings. The property also features a community building, playground and a wastewater treatment plant that serves the site and an adjacent commercial area.

A number of improvements are planned including replacement of all windows and exterior doors, replacement or repair of wood siding, community room renovations, the addition of a fitness area, new kitchens and bathrooms, a new boiler plant, improved ventilation, and the addition of solar panels. The number of accessible apartments will be increased from two to six and the wastewater treatment plant will be upgraded to ensure compliance with current requirements.

"At a time when the nation is talking about expanding ways for families of all incomes to live in high-opportunity communities with great schools, The Community Builders could not be more proud of Lincoln Woods Apartments, where 125 families with a wide range of incomes live in well-designed housing in the center of Lincoln, adjacent to grocery shopping, green space and commuter rail," said Bart Mitchell, TCB president and CEO. "We are delighted that this investment will keep Lincoln Woods Apartments beautiful, energy-efficient and affordable for decades to come."

MassHousing's financing includes a $12.6 million construction and permanent loan, and a $2.8 million bridge loan. Other financing sources for the transaction were the state Department of Housing and Community Development, the town of Lincoln and federal Low-Income Housing Tax Credits.

The contractor is Delphi Construction. The architect is Tise Design Associates and the management agent is The Community Builders.

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MassHousing welcomes new Director of its Diversity & Inclusion Division

Andrea LaingAndrea Laing has joined MassHousing as its new Director of Diversity & Inclusion.

In her role, Andrea will lead the Agency's Diversity & Inclusion Division, which works with property managers and developers to set and achieve goals for utilizing minority and women businesses at MassHousing-financed properties. She will also oversee MassHousing's internal diversity efforts.

Most recently Andrea served as Director of Compliance for the Massachusetts Division of Capital Asset Management and Maintenance (DCAMM). In this role she was responsible for overseeing and coordinating efforts relative to non-discrimination and equal opportunity, as they relate to vertical construction, design, energy and facilities maintenance upgrades. Her responsibilities also included personnel management, procurement, policymaking and implementation of agency policies and programs.

Andrea brings to MassHousing many years of experience in affordable housing. She previously worked for the Boston Redevelopment Authority (BRA) as Assistant Director for Affordable Housing and as a Delinquency Counselor at the Massachusetts Affordable Housing Alliance (MAHA). Andrea also worked for Boston's Department of Neighborhood Development, collaborating with the Boston Housing Authority to create and implement their Section 8 homeownership program.

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August 27, 2015

MassHousing Honors Longtime Homebuyer Educator at Gloucester Housing Authority

Kathleen Erkkila retiring from Gloucester Housing Authority

Kathy Erkkila, center, is pictured with MassHousing Home Ownership Lending staff members, from left, Mounzer Aylouche, Deanna Ramsden, Oneida Fuentes and Angelo Nuby

MassHousing recently honored Kathy Erkkila with a certificate of appreciation for her many years of service in homebuyer education and foreclosure prevention at the Gloucester Housing Authority. Kathy is retiring after more than 30 years with the GHA and she has been a great partner and homeownership educator on the Cape Ann.

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