MassHousing Blog

Upcoming Spring Homeownership Events

MassHousing regularly participates in seminars, information sessions, meetings and other events for aspiring homebuyers across Massachusetts. Below is a list of upcoming homebuyer events scheduled for March, April and May near you!

Catholic Social Services is offering a homebuyer education workshop:  There’s No Place Like Home

To register please contact Maria Paiva at 508.997.7337 or 508.674.4681. You must reserve your space by Thursday, February 25, 2016. To receive a First Time Homebuyer Counseling Certificate you must attend both workshops. The cost of the workshop is $30 per person or $35 per couple for both days.

Date/Time: Tuesday, March 1st and Wednesday, March 2, 2016 | 5:00 pm to 9:00 pm
Location: 1600 Bay Street, Fall River MA 02724

 

Boston Home Center

City of Boston Mayor Walsh and the Department of Neighborhood Development invite you to a brief information session and learn how we can help you buy a home, followed by a networking opportunity where you can meet with local Mortgage Lenders and Realtors.  For more information, visit or call: www.bostonhomecenter.com or 617.635.HOME(4663).

Date/Time: Monday, March 7, 2016 | 5:00 pm to 7:00 pm
Location: East Boston Branch Library -- 365 Bremen Street, East Boston

 

Bristol County Savings Bank invites you to an informative, free seminar that will help you better understand the steps toward home ownership. Reservations required and seating is limited. Please call 508.828.5329 for reservations by March 1, 2016.

Date/Time: Wednesday, March 9, 2016 | 5:30 pm to 8:00 pm
Location: The Colonel Blackinton Inn’s -- Carriage House | 203 North Main Street | Attleboro, MA 02703

 

Charles River Bank is offering a free, informative and interactive breakfast meeting with Annie Blatz, 2016 President of the Massachusetts Association of Realtors.

Date/Time: Wednesday, March 9, 2016 | 9:00 am to 10:30 am
Location: Holiday Inn Express | 50 Fortune Boulevard | Milford MA 01757

 

Bank of Canton, American Consumer Credit Counseling and MassHousing are offering a First Time Homebuyer Seminar.  This 2-part seminar will provide education on what to expect when purchasing your first home. The list of presenters includes closing attorney, a realtor, a home inspector, an insurance agent and a loan originator. Please register at 1.800.769.3571 extension 9241.

Date/Time: Wednesday, March 30th and Thursday, March 31, 2016 | 5:30 pm to 8:30 pm
Location: Central Massachusetts Board of Realtors | 492 Washington Street, Auburn MA 01501

 

Bristol County Savings Bank Realtor Information Session. Please come and learn all about MassHousing’s newest program Operation Welcome Home and many other exciting programs.  Please RSVP no later than Monday, March 21st at 508.944.2978 or email Jennifer.oldfield@bcsbmail.com

Date/Time: Thursday, March 31, 2016 | 5:30 pm to 7:30 pm
Location: Stoneforge Publick House | 90 Parmount Drive | Raynham MA

 

City of New Bedford Mayor Jonathan Mitchell and Southeastern Massachusetts Association of REALTORs are offering a First Time Homebuyer Seminar. If you are considering buying your first home, here is a great chance to find out what you need to know. Reservations are necessary. Extremely limited seating is available on a first-come/first-serve basis: please contact tanika.gonzalez@newbedford-ma.gov for a registration form. You can then reserve your space by returning the completed registration form and on-refundable check or money order made payable to the DPHCD. Located at 608 Pleasant Street, New Bedford MA 02740. We cannot accept cash.  The cost per person is $20 or $25 per couple when reserved together for both evenings. Fee includes a box lunch on both evenings and all your materials.

Date/Time: Tuesday, April 5th and Thursday, April 7, 2016 | 5:00 pm to 9:15 pm
Location: 651 Orchard Street | Howland Place, Suite 101 | New Bedford MA 02744

 

REALTOR Association of Pioneer Valley’s Annual Education Fair & Expo
(Co-sponsors: DIY Mobile Box, MLS Property Information Network, Inc., Bank ESB, Burt Hill Movers, First Niagara Bank, Peoples United Bank)

Date/Time: Tuesday, April 5, 2016 | 7:00 am to 6:00 pm
Location: MassMutual Center | 1277 Main St. | Springfield, MA 01103

 

Buy Springfield Now. Come join an evening of family fun to promote homeownership in your community! For more information email Oneida Fuentes at ofuentes@masshousing.com

Date/Time: Thursday, May 12, 2016 | 4:00 pm to 8:00 pm
Location: Concord Terrace | Springfield MA
Co-Sponsors: United Bank, First Niagara, BankESB and MassHousing

Governor Baker and Mayor Walsh Break Ground for Workforce Housing on Former Central Artery Parcel

Related Beal project will create 239 units of affordable and workforce housing

Governor Charlie Baker recently joined Boston Mayor Martin J. Walsh, Undersecretary of Housing and Community Development Chrystal Kornegay, and officials from the real estate development firm Related Beal to break ground on Parcel 1B, a mixed-use development in downtown Boston that will have all its 239 housing units priced at affordable and middle-income rents.

The development, located on a former Central Artery parcel near North Station, received $3 million in financing from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD).

"The construction of affordable housing is a key driver of economic development, both in Boston and throughout the Commonwealth," said Governor Baker. "This development, which showcases the power of mixed-income housing to transform vacant state-owned land, demonstrates our administration’s ongoing commitment to building stronger communities across the Commonwealth."

"I congratulate Related Beal for reaching this significant milestone and thank them for their commitment to bringing 100 percent affordable and workforce housing to downtown Boston," said Mayor Walsh. "Not only is this project a great achievement for the company, but it is a win for the people of Boston, with 239 units of affordable housing being added to the North Station area. This project serves as a great example of the types of transit-oriented, affordable housing opportunities we are looking to unlock for all of our families across the city."

"The work of improving housing access in Massachusetts happens at the local level," said DHCD Undersecretary Kornegay. "By building local capacity and creating credible housing production incentives, our administration is empowering municipalities to deliver community-driven housing opportunities."

The 239 residential units at Parcel 1B will be income-restricted for individuals, couples and families with qualifying incomes. Additionally, 10 percent of the residential units will be three-bedroom units, providing much-needed affordable family housing in downtown Boston.

Other financing for the project included tax-exempt bond financing from MassDevelopment, federal and state Low Income Housing Tax Credits administered through DHCD, a local property tax stabilization agreement, and affordable housing funds from the city of Boston.

All 239 apartments will be restricted to households falling within the city’s low- and moderate-income housing guidelines. The largest percentage of units, 72, will be restricted to households making a maximum of 140 percent of the area median income, or roughly $110,000 for a two-person household. Another 40 will be set aside for those making 50 percent of the area median, with the remainder ranging from 30 to 165 percent of the area median.

Related Beal is leasing the parcel at Causeway and Beverly streets from the Massachusetts Department of Transportation, which made it available as a development site after the completion of the Big Dig.

Designed by Boston-based CBT Architects, the 14-story residential building totaling 484,000 square feet will have ground-floor retail and on-site parking. A 220-room Courtyard by Marriott Hotel with 2,500 square feet of meeting space will be operated by Turnberry Associates of Aventura, Florida.

Affordability to be Extended at the Whittier Terrace Apartments in Worcester with $11.5 Million in MassHousing Financing

Senior Citizens and families living at the 163-unit Whittier Terrace Apartments in Worcester will see the extension of affordability as a result of $11.5 million in MassHousing financing.

An affiliate of Beacon Communities LLC, which owns the Whittier Terrace Apartments, is refinancing the property and will extend the federal Section 8 Housing Assistance Payment contact on the 163 apartments for 20 years.

"The Whittier Terrace Apartments will continue to be a valuable affordable housing resource for seniors and families in Worcester with the closing of this financing," said MassHousing's Timothy C. Sullivan.

Constructed in 1981, the Whittier Terrace Apartments are located on Austin Street in Worcester and are comprised of one mid-rise building and three townhouse buildings containing 113 one-bedroom apartments, 38 two-bedroom apartments and 12 three-bedroom apartments. The management agent is Beacon Residential Management.

The $11.5 million MassHousing loan was provided through the U.S. Department of Housing and Urban Development's (HUD) Multifamily Accelerated Processing (MAP)/Ginnie Mae Mortgage Backed Securities (MBS) program.

MassHousing has partnered with two private-sector HUD-approved MAP lenders - CBRE and Rockport Mortgage Corporation – who prepare the submission of each transaction for HUD's approval. MassHousing then closes the new loan and issues the Ginnie Mae MBS, which has consistently provided the multifamily mortgage industry its most competitive long term, taxable interest rates.

"We are very pleased to have been able to refinance Whittier Terrace using MassHousing's new joint-venture MAP financing program," said Mary Cothell, Senior Vice President of Asset Management at Beacon Communities. "This opportunity allowed Beacon to preserve the affordability of Whittier Terrace by locking into a new long term low-interest loan while simultaneously entering into a new long term Section 8 Housing Assistance Payment contract."

Tannery II in Peabody will see Property Improvements, Extension of Affordability as a Result of $28M in MassHousing Financing

173-unit housing community was a former leather tannery

Elderly residents living at the 173-unit Tannery II Apartments in Peabody will see property renovations and the extension of affordability as a result of $28 million in MassHousing financing.

Crowninshield Management Corporation, which manages Tannery II, has extended the federal Section 8 Housing Assistance Payment contract on 172 apartments for 20 years as part of the MassHousing financing. One apartment is occupied by maintenance personnel.

"Tannery II has been a valuable affordable housing resource for senior citizens in downtown Peabody since the late 1970s and now it will continue to serve those seniors for many years going forward," said MassHousing’s Timothy C. Sullivan.

Constructed on Crowninshield Street in 1915 as the former A.C. Lawrence Tannery, the seven-story masonry building was converted into housing in 1979 with MassHousing construction financing. There are 143 one-bedroom apartments and 30 two-bedroom apartments.

Among the property improvements planned are roof replacement, common area and apartment accessibility upgrades, and lighting and electrical improvements. The property underwent a substantial rehabilitation in 2002.

"Crowninshield Management Corporation continues to enjoy our longstanding collaboration with MassHousing enabling us to preserve affordable housing options for seniors to age in place," said Deborah Collier Comins, President of Crowninshield Management Corporation.

MassHousing Awards $150,000 for Affordable Sober Housing

Funding will help rehabilitate and preserve 68 units of sober housing for women in Lynn and Worcester

MassHousing has awarded $150,000 to help rehabilitate and preserve 68 units of affordable sober housing for women in Lynn and Worcester.

The MassHousing grants will come from the Center for Community Recovery Innovations, Inc. (CCRI), a nonprofit subsidiary corporation of MassHousing that supports non-profits that create or preserve affordable sober housing in Massachusetts for recovering substance abusers. CCRI to date has awarded more than $8 million in grants for approximately 1,800 units of substance-free housing in more than 40 communities for men, women, families, veterans, the homeless and ex-offenders.

"These CCRI grants will help women in Lynn and Worcester fighting addiction and allow them to live in a sober setting to avoid homelessness," said MassHousing's Timothy C. Sullivan. "Having a place to live in a sober setting is one of the major factors in helping people overcome substance abuse and reclaim their lives."

Receiving grants in the latest round of CCRI funding are:

• Bridgewell Inc., Lynn, $75,000 to help rehabilitate and preserve 14 units of affordable sober housing for women in recovery. The scope of work includes improvements to bathrooms, roofing, decks, stairs, flooring, windows and the building's chimney, driveway and electrical system.
• Abby's House, Worcester, $75,000 to help rehabilitate and preserve 54 units of affordable sober housing for women in Worcester. The scope of work includes upgrades to building plumbing, electrical and elevator systems, kitchens and laundries, and the construction of a new accessible entrance.

The Center For Community Recovery Innovations, Inc., issues an annual Request for Proposals (RFP) to solicit projects for funding. The proposals that are selected need to meet CCRI's current priorities and eligibility categories. The grants are typically used as one-time gap funding for capital projects that increase or improve the stock of affordable sober housing in Massachusetts. Other proposals that provide services for residents in MassHousing-financed rental housing, specifically those that address alcohol and/or drug abuse or addiction, are also considered for funding. CCRI grant recipients must be 501c3 non-profit organizations and matching funds must be provided. All proposals and applicant qualifications are stringently reviewed and vetted by MassHousing.

Vacant Lowell Mill Building to be Converted Into Family Apartments With $3.5 Million in MassHousing Financing

Mass Mills III will have 70 new apartments for low- and moderate-income families

MassHousing will be providing $3.5 million in financing for Mass Mills III, which will convert a long vacant Lowell mill building into 70 new apartments for low- and moderate-income families.

Mass Mills III is being developed by R-M Developer LLC, a partnership between the Mullins Company and Rees-Larkin Development.

Mass Mills III will be the third phase of redevelopment of the former Massachusetts Mills complex in downtown Lowell. Mass Mills I and II were previously developed by the Mullins Company and feature 281 units of mixed-income housing. The first two phases received approximately $28 million in MassHousing financing.

"Lowell has done a tremendous job in working to convert vacant or underused mill properties into new, attractive affordable housing and Mass Mills III is the latest example," said MassHousing's Timothy C. Sullivan. "We are pleased to be partnering with R-M Developer to help transform downtown Lowell and create quality housing for working families."

Located on the south side of Bridge Street and the west side of the Merrimack River, the new housing will be constructed in the historic five-story Picker Building which was constructed in the early 20th century. The building is currently vacant and in poor condition. Approximately one third of the building will be demolished to create an attractive courtyard and allow for public safety access.

"This is one of the last mill buildings to be redeveloped in downtown Lowell and has been a priority for the city for a long time," said John Rudzinski of Rees-Larkin Development. "Previous attempts to redevelop this building were unsuccessful but we are pleased to be moving forward on this project which will create more affordable housing as part of the ongoing revitalization of the city."

MassHousing is providing $3.5 million in permanent financing. Other funding sources for the $27.8 million project are federal Low-Income Housing Tax Credits, federal and state Historic Tax Credits, the state Department of Housing and Community Development and the city of Lowell.

The contractor will be Dellbrook Construction and the architect is Russell Scott Steedle and Capone Architects, Inc. The management agent will be Corcoran Management Company.

From Washington D.C: U.S. House Approves Rental Assistance Bill in Unanimous Vote

By Karen Kelleher, Deputy Director and Amy Blouin, MassHousing Staff Attorney

On February 2, 2016, the U.S. House of Representatives unanimously passed the Housing Opportunities Through Modernization Act (H.R. 3700), a bill aimed at making federal rental assistance programs more effective and efficient. If passed by the U.S. Senate and signed by the President, the approximately 170,000 households in Massachusetts that receive federal rental assistance through the Housing Choice Voucher, Public Housing and Section 8 Project-Based subsidy programs¹, could be affected.  The 427-0 vote suggests an unusual level of bipartisan support and may indicate that the bill’s prospects for enactment are good. Some of the changes if the bill were enacted would include:

More Project-Basing for Certain Populations and in Areas of Opportunity. Currently, most housing authorities can only use 20% of their Housing Choice Voucher authority towards project-based vouchers ("PBVs"). H.R. 3700 would allow housing authorities to project-base an additional 10% of their vouchers if the subsidies are used for individuals or families that are: (1) formerly homeless, (2) veterans, (3) elderly or disabled and receiving supportive services, or (3) located in areas where tenant-based vouchers are "difficult to use" (i.e., areas with higher rents, low poverty, etc.).  H.R. 3700 would also ease PBV program requirements for developments located in census tracts with poverty rates of 20% or less. It is hoped that providing greater flexibility in the project-based program will result in low-income families having greater access to areas with low poverty levels and better schools.

Incentives to Increase Income. A common criticism of federal rental assistance is that families are not incentivized to increase their income and work towards self-sufficiency. Typically, a family that receives assistance pays 30% of their income toward their rent and the subsidizing agency pays the remainder. Under the current regulations, if a family’s income increases due to overtime or a family member obtaining a new job, the family’s rent can be increased immediately. In order to incentivize families to earn more, H.R. 3700 would delay rent increases for families that increase their income.

More Flexible Inspections. Many of the 78,000 families in Massachusetts that participate in the Housing Choice Voucher Program compete for rental units with families that do not receive assistance. The requirement that the unit be inspected before occupancy can be a deterrent for a private landlord looking to lease their unit (and start collecting rent) as quickly as possible. H.R. 3700 would allow families to move in prior to inspection if the unit has been inspected in the prior 24 months.

Less Administrative Burden. Many of the changes proposed in the bill are designed to reduce the burden on agencies administering these programs at the local level. For example, housing authorities spend a great deal of time recertifying the income of families receiving federal rental assistance. H.R. 3700 would reduce that burden by modifying deductions for families, reducing the frequency of income re-certifications and simplifying the method for determining a family’s income.

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¹ See Center on Budget and Policy Priorities, "Massachusetts Fact Sheet: Federal Rental Assistance," May 6, 2015

Elderly residents at King's Beach Tower in Lynn will see extension of affordability as a result of $22.2M in MassHousing financing

Elderly residents living at the 183-unit King's Beach Tower in Lynn will see the extension of affordability as a result of $22.1 million in MassHousing financing.

Crowninshield Management Corporation has refinanced King's Beach Tower and has extended the federal Section 8 Housing Assistance Payment contact on the 183 apartments for 20 years as part of the MassHousing financing.

"King's Beach Tower has been a well maintained affordable housing community for seniors citizens in Lynn and this MassHousing loan will ensure it remains affordable for the seniors going forward," said MassHousing's Timothy C. Sullivan.

Located in a six-story building at 130 Eastern Ave. near King's Beach in Lynn, King's Beach Tower has 139 one-bedroom apartments and 44 two-bedroom apartments. The management agent is Crowninshield Management.

"Crowninshield Management Corporation continues to enjoy our longstanding collaboration with MassHousing enabling us to preserve affordable housing options for seniors to age in place," said Deborah Collier Comins, President of Crowninshield Management Corporation.

$58.5M transaction for North Andover development is first to combine LIHTCs with Federal Finance Bank/HUD program

The first-in-the-nation expansion of a MassHousing loan program has resulted in the long-term extension of affordability for low-income families living at the 230-unit Wood Ridge Homes in North Andover.

Barkan Development has acquired Wood Ridge Homes through a $58.5 million transaction combining the first use in the country of Low Income Housing Tax Credits (LIHTCs) with a partnership established in 2015 with the U.S. Department of the Treasury, the U.S. Department of Housing and Urban Development (HUD), and state Housing Finance Agencies (HFAs) including MassHousing.

That partnership, in which the Federal Financing Bank (FFB) purchases a 100% participation interest in the loan that is 100% insured by HUD, provides lower interest rates on loans to owners of subsidized rental housing, giving them new incentives to refinance, make capital improvements and lock in long-term affordability for lower income residents. By expanding the 2015 partnership to include the use of LIHTCs, this MassHousing transaction will allow the property owner to increase the scope of rehabilitation to Wood Ridge Homes and extend affordability for at least 30 years.

"MassHousing and other Housing Finance Agencies have continued to work with Treasury and HUD to further enhance this loan program to allow for more construction and rehabilitation of affordable housing," said MassHousing's Timothy C. Sullivan. "This transaction is going to allow the property owner to make substantial renovations in addition to extending the affordability for the residents for the long term."

MassHousing is providing a $34.5 million taxable permanent loan and a $24 million tax-exempt construction loan. As a result, all 230 apartments will remain affordable for at least 30 years.

"This transaction was achieved through a true partnership with MassHousing," said Peter Barkan, CEO of the Barkan Companies. "The whole team was persistent, creative, and focused on securing a financial solution that would support a robust renovation program and the long term stability to preserve this important affordable housing property."

Wood Ridge Homes is located on Woodridge Drive in North Andover. Built in 1979 on a 31-acre site, the 230 apartments are contained in 23 two-story buildings with 92 one-bedroom apartments, 69 two-bedroom apartments, 46 three-bedroom apartments and 23 four-bedroom apartments. All 230 apartments are covered by a federal Section 8 Housing Assistance Payment (HAP) contract.

Among the property improvements planned are unit upgrades featuring new doors, flooring, carpeting, kitchen cabinets and appliances; energy improvements, common area improvement and site upgrades. The number of fully accessible apartments will be increased from 7 to 12 and overall accessibility will be improved to comply with current requirements.

Ned Epstein of JTE Realty Associates LLC and Colin Coleman of Innovative Business Law Group represented the seller and helped facilitate this transaction.

The contractor is NEI General Contracting and the architect is The Architectural Team. The management agent is Barkan Management Company.