MassHousing Blog

New Home for HUD Forms

On January 1, HUD moved the many forms and documents housed at HUDCLIPS to its main website, hud.gov. If you haven’t already, you may want update your bookmarks or add to your favorites www.hud.gov/hudclips. Most of the standard forms formerly found on HUDCLIPS are also available on the federal government-wide forms portal, www.forms.gov.

Georgopulos named President of Boston Society of Architects

We congratulate Diane Georgopulos, an architect in MassHousing's Design & Technical Services Department, who has been named president of the Boston Society of Architects, the largest American Institute of Architects branch in the country.

Georgopulos is the 73rd president in the organization's history and the first public-sector architect to hold the post. In her role, she will stress the role that community residents play in "defining the future of our city and our neighborhoods as livable, sustainable, affordable environments."

Two MassHousing staff honored by Mortgage Bankers

Congratulations to Peter Milewski, MassHousing's Mortgage Insurance Director and Manager of Business Development. Peter was honored with the prestigious Lifetime Achievement Award from the Massachusetts Mortgage Bankers Association (MMBA) at the organization's annual dinner on January 10. Another MassHousing staff member, Mounzer Aylouche, was elected to a three-year term on the MMBA's Board of Directors. Mounzer is a Relationship Manager with MassHousing's Business Development group. Congratulations, Mounzer and Peter.

Changes to Home Saver Mean More Can Qualify

MassHousing recently made two changes to its Home Saver foreclosure prevention program. The program is now available to homeowners who--given their mortgage's terms and their own income, assets, obligations and other considerations--could not have reasonably been expected to repay the loan. Previously, the program was restricted to borrowers who had been victimized by the deceptive or unfair practices of a predatory lender, a definition that was difficult to prove and certify.

The second change relates to the application process. Homeowners are still encouraged to begin the process by contacting NeighborWorks at 888-995-HOPE, but now they have the option of contacting a participating lender to learn more. No matter which route homeowners choose, they will be referred to a participating nonprofit agency who will provide mandatory counseling for the borrowers.

Both of these changes were highlighted in the Boston Globe.

Two Months, Three Loans, 403 Units Preserved

At its last two meetings—in December and January—MassHousing’s board of directors approved a total of three loan commitments through the Agency’s Section 8 Preventative Preservation Program. Totaling more than $37 million, the commitments ensure that 403 units of rental housing will remain affordable for at least 15 years; all of the units were at risk of converting to market rates when the original mortgages matured in 2012 and 2013.

The properties involved were 202-unit Ocean Shores in Lynn, which received $19.5 million; the 161-unit Chelsea Village in Chelsea, which received $14.6 million; and the 40-unit Beachmont Apartments in Revere, which received $3.2 million.

The Section 8 Preventative Preservation Program is a unique tool that has helped MassHousing extend the affordability at a number of Section 8 developments in the Agency's portfolio. The program targets properties whose loans mature between 2010 and 2015. In exchange for a variety of financial incentives, property owners agree to renew Section 8 HAP contracts, thus preserving a valuable affordable rental option for many years to come.