Halfway through the 2017 fiscal year, MassHousing has provided $995.7 million in financing to ensure that 6,233 Massachusetts families have an affordable place to call home.
Strong multifamily lending led the way, with the Agency closing $538 million in financing for 26 developments with 3,643 units, 3,269 of which are affordable. The total was boosted by an end-of-the-calendar-year surge, with five developments closing $148 million in financing in the second-to-last week of December. Included in the multifamily lending total is Gateway North in Lynn, the first development to receive financing through MassHousing’s $100 million Workforce Housing Initiative.
An additional $10.1 million in financing that will support 709 units was provided through the Affordable Housing Trust Fund, which MassHousing administers on behalf of the Department of Housing and Community Development.
Homeownership lending continued to be robust, providing $434 million in financing to help 1,821 families buy, refinance or improve their home. Another 60 loans for $12.7 million were made possible by MassHousing’s Mortgage Insurance Fund.
"Affordable housing continues to be among the Commonwealth’s most pressing needs, as evidenced by the strong demand for MassHousing financing from homebuyers, homeowners, developers and property owners," said MassHousing Executive Director Tim Sullivan. "Our expert staff and unique products leave MassHousing ideally positioned to confront the Commonwealth’s housing challenges."