Financing for workforce housing is available through MassHousing’s $100 million loan program. The fund will increase rental housing opportunities for households earning 61% to 120% of area median income (AMI), who may have incomes too high for subsidized housing but are priced out of affordable market rents as housing costs in Massachusetts continue to rise.
MassHousing’s $100 million Investment for workforce housing
- Targets individuals and families with incomes of 61% to 120% of AMI.
- Provides up to $100,000 of subsidy per workforce housing unit to create 1,000 new units of workforce housing statewide.
- Leverages strategic opportunities to use state-owned land.
- Supports newly constructed units or refinancing of a housing community where new units of workforce housing will be created.
- Remains consistent with development financing in MassHousing’s enabling statute ensuring that in addition to the workforce housing tier, at least 20% of the units in a financed development will be affordable to households at or below 80% of AMI.
- Ensures workforce housing units will be deed restricted as affordable to households with incomes between 61% and 120% AMI for an extended period of time, generally 30 years or longer.