We've crunched the numbers and fiscal year 2012, which ended June 30, was MassHousing's best lending year ever. It was the fourth time in six years we set a record and was 21% above our FY'11 total.
The tally for FY '12 was $965.7 million. We're very proud of this number, especially given the tremendous need for affordable mortgages and apartments in the wake the housing downturn, as well as the particular challenges of the current market.
A big chunk of the lending was for affordable homeownership. We closed $570 million in loans to help 2,599 borrowers buy or refinance a home. We provided an additional $20 million in the form of insurance for 93 affordable non-MassHousing loans. The big story of the year was the huge popularity of our "no-MI" (no mortgage insurance required) loan with minimum downpayments of just 3%.
MassHousing provided another $334.4 million to finance the construction of 470 new apartments and to rehabilitate and preserve affordable rents at 2,698 existing units. An additional $40.3 million in loans came from the Affordable Housing Trust Fund and will support 2,076 units of housing – some rental, some homeownership – for elders, families and residents with special needs.
That's a lot of numbers, but the bottom line is we sent more dollars out into the Commonwealth for affordable housing than ever before in our 46-year history. Those dollars not only helped thousands of people buy a piece of the American dream or find a decent apartment but also contributed to the recovery of the housing market and to the overall Massachusetts economy.
Whether you are a customer or a partner, we thank you for being part of a landmark year. We're hoping to do even greater things in the future.