Provided $256.3 million for 1,215 homeowners and $256.3 million for 2,612 units of affordable rental housing
MassHousing had a large lending presence in the Commonwealth’s 26 Gateway Cities in 2016, providing $512.6 million for home mortgage loans and affordable rental housing for low- and moderate income residents.
The Agency provided $256,370,464 for 1,215 home mortgage loans, with the largest number (131 loans, $24.4 million in financing) in Worcester. Rounding out the top five in homeownership lending in the Gateway Cities were Springfield (93, $12.2 million), Lynn, (88, $21.9 million), Haverhill (80, $17.5 million) and Brockton (63, $14.4 million).
MassHousing provided another $256,310,274 for rental housing in 14 of the 26 Gateway Cities. Lynn led the way with four affordable housing communities involving a total of 397 housing units receiving a total of $40.1 million in financing.
Worcester followed with three housing communities with 498 units receiving a total of $14.8 million in financing. Lawrence (236 units, $17.2 million in financing) saw two housing communities receive Agency financing.
Barnstable, Brockton, Chelsea, Fall River, Lowell, Malden, New Bedford, Peabody, Pittsfield, Salem and Taunton all had one housing community receive MassHousing financing.
"Creating housing opportunities for lower-income residents and working families in the Gateway Cities is critical to the overall economic health of Massachusetts," said MassHousing Executive Director Tim Sullivan. "MassHousing has made a concerted effort to help create and preserve affordable housing in the Gateway Cities and we are pleased that approximately half of the $1.7 billion in financing we provided in 2016 was in the Gateway Cities, where nearly 4,000 households were able to purchase a home or live in affordably priced rental housing."
Under the Massachusetts General Laws, Gateway Cities have a population between 35,000 and 250,000, with an average household income below the state average and an average educational attainment rate (Bachelor's Degree or above) below the state average.
The 26 Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.