We recently announced that MassHousing had just completed the second-best lending year in our 45-year history, closing $792.5 million to promote and preserve affordable homeownership and rental housing opportunities across the Commonwealth. A closer look at the numbers provides some interesting insight into the present and future of the housing market.
- An Agency-record $445.5 million was closed to help create and preserve 4,057 units of affordable rental housing
- More than half of this total is comprised of three projects:
- Charlesview Apartments in Brighton, $106.2 million, the second-largest financing of a single property we've ever completed
- Rhode Island Homes, the largest private housing transaction in Massachusetts history (10 loans totaling $125 million to preserve affordability of nearly 1,000 units)
- Castle Square in Boston's South End (photos | video), $54 million that will finance the largest deep-energy retrofit ever performed on a public housing property and will increase energy efficiency by more than 70%
- Not included in that total are the $32.8 million in loans made through the MassHousing-administered Affordable Housing Trust Fund, which will support the creation of 1,859 units of affordable rental and for-sale housing
- $314.2 million in loans were made to 1,531 homebuyers and homeowners, despite difficult market conditions
- The delinquency rate on our home mortgages decreased, and our success rate in permanently modifying loans to help homeowners keep their properties was more than double the national average
The crystal ball for what's ahead? Rental housing preservation, rehabilitation and redevelopment will remain key; homeownership lending will remain steady, as homebuyers and homeowners look to safe, quality products like our 30-year fixed-rate loans; and we'll continue to evolve our business to meet the changing needs and demands of the affordable housing market.