MassHousing Blog

Gov. Patrick, MassHousing in Springfield

Gov. Patrick was in Springfield yesterday to announce the first lenders for MassHousing's Tax Credit Loan Prgram, which enables eligible homebuyers to use the $8,000 federal tax credit as part of their downpayment or to cover closing costs.

Twenty lenders have been approved to originate the Tax Credit Loans, and more may be announced in the coming weeks and months. You can learn more about the program on our website.

Also, there were several news reports on the announcements:

• Article from The Republican
• News story from WGGB-40
• News story from WWLP-22

Fall 2009 Management Trainings Announced

If you've been shopping recently, you've probably seen the aisles full of back-to-school products. But kids aren't the only ones who will soon return to the classroom.

MassHousing's Community Services Department just announced its Fall slate of management training courses offered through TAP, the Tenant Assistance Program. TAP is a large part of MassHousing's ongoing effort to promote strong, happy and healthy rental housing communities, and offers resident programs, dispute resolution services, and resources along with the management trainings.

Courses take place at sites across Massachusetts, and cover such topics as reasonable accommodations, hoarding, employee safety and time management. They're free for staff of TAP member sites, and open to anyone else with payment of a modest fee. Many courses satisfy HUD requirements for resident service coordinators, and offer continuing ed units for social workers.

Learn more about TAP and the Fall 2009 management trainings.

Greening Affordable Housing Event

Next week, the MassHousing-sponsored Mel King Institute, along with LISC and Neighborworks, will host “Greening affordable multifamily housing: A new approach to preserving the existing housing stock.” It will be held Thursday, July 23 from 9:00 a.m. to 4:30 p.m. in Braintree.

The event highlights the aspects of the American Recovery and Reinvestment Act that are devoted to weatherization and green retrofits in affordable housing. The four panel discussions and keynote address will cover a variety of topics, from basic information to programs to developing and implementing a plan.

Learn more about the event. Or, register now.

Homebuyer Tax Credit Loan Program

There are a few articles today (Boston Globe | Boston Herald) on Gov. Patrick’s announcement of a new MassHousing loan program that allows homebuyers to use the $8,000 federal homebuyer tax credit as part of their downpayment or to cover closing costs. Previously, first-time homebuyers needed to wait until 2010 to claim the tax credit on their 2009 income tax returns before they could access to the funds. The Homebuyer Tax Credit Loan Program lets them use the money at the time they purchase their home.

If the homebuyer repays the loan by June 1, 2010, no interest is charged. Otherwise, the homebuyer tax credit loan amortizes over 10 years. The program is for homebuyers using a MassHousing mortgage to purchase their home before November 30, 2009.

Learn more about the Homebuyer Tax Credit Loan Program.

Feds relax standards for refinancing troubled loans

News is out that Fannie Mae and Freddie Mac -- the two large mortgage giants -- have relaxed their standards for refinancing loans under the Obama Administration's "Making Homes Affordable" program.  Previously, the program would only refinance people with loans that did not exceed 105% of the home's value.  With this latest change, homeowners whose mortgage loans are "underwater" (they owe more than the house is worth) can potentially get a loan for up to 125% of the home's value.  To learn more read this article from Bloomberg News or visit the official website of the Making Homes Affordable program.