MassHousing Blog

$31.8 Million from MassHousing will fund improvements, extend affordability in Palmer, Dorchester

 

Adams Templeton Apartments

MassHousing has closed $31.8 million in loans that will finance property improvements and extend affordable rents into the future at affordable housing communities in Dorchester and Palmer.

 

Silver Street Development Corporation received $12.6 million in MassHousing financing to acquire and preserve the 76-unit Adams Templeton Apartments in Boston’s Dorchester neighborhood, a scattered-site development on Adams Street and Monsignor Patrick J. Lydon Way in Dorchester. Property improvements totaling $5.2 million will include new roofs, windows and flooring, four new elevators, masonry repairs, electrical upgrades and accessibility upgrades. As a condition of the MassHousing financing the owner has extended the federal Section 8 Housing Assistance Payment Contract on 73 apartments for another 20 years. MassHousing’s construction and permanent financing is being made through HUD’s 50/50 Risk Share program. The other major source of funding is equity from the sale of Low-Income Housing Tax Credits.

 

Palmer Green Estates

Beacon Communities LLC will use $19.2 million in MassHousing financing to rehabilitate and recapitalize the 35-year old, 156-unit Palmer Green Estates in the Hampden County town of Palmer, Massachusetts. Palmer Green comprises 55% of all the affordable housing stock in Palmer. Beacon will upgrade boilers, renovate apartment kitchens and bathrooms, and replace all roofing, siding, windows and exterior doors. All 156 units are covered by a federal Section 8 Housing Assistance Payment Contract, which Beacon has extended for 20 years. The financing package included an $11.2 million construction and permanent loan through the HUD 50/50 Risk Share Program, a $4.2 million subordinate loan and a $3.6 million syndication bridge loan. In addition to the MassHousing financing Palmer Green will receive funding through the use of Low-Income Housing Tax Credits. Of the 156 units, 88 are restricted for senior residents and the remaining 68 are unrestricted.

 

Home Mortgage Loan Covering Both Purchase and Rehabilitation Now Better Than Ever

MassHousing has announced a new MassHousing Mortgage with Rehabilitation loan that greatly expands the Agency’s previous purchase and rehab program.

The improved loan is now available to homebuyers and homeowners, not just first-time homebuyers. Some of the major features and terms of the MassHousing Mortgage with Rehabilitation include:

• Up to 50% of the "as completed" appraised value of the property can be financed toward renovation costs.
• As little as 3% down on a single-family property and 5% down on a two- or three-family property is required to purchase a home. Down payment and closing cost assistance can be used in partnership with this program.
• The minimum rehabilitation amount for all property types is $7,500.
• Rehabilitation costs include the cost of repairs, as well as such expenses as inspection fees, title update fees, and a required contingency reserve equal to 10% of the total rehabilitation cost.
• If the property will not be occupied during rehabilitation, a mortgage payment reserve not to exceed six mortgage payments may be included in the cost of rehabilitation.
• Licensed contractors must complete all rehabilitation work.

Learn more about the MassHousing Mortgage with Rehabilitation and find a participating lender or rehabilitation agency.

 

New Housing Completed in Bedford for Formerly Homeless Veterans

Bedford Green, a 69-unit housing community for formerly homeless veterans on the campus of the Edith Nourse Rogers Memorial Veterans Hospital in Bedford has been completed.

MassHousing provided $1.3 million for the project through the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD).

Bedford Green was developed by Peabody Properties, Windover Construction and Affordable Housing Services Collaborative, Inc. in conjunction with the United States Department of Veterans Affairs.

The one-bedroom apartments are reserved for homeless or at-risk veterans age 55 and over. The building also features support services for the residents, community space, a fitness room and computer room.

Other financing sources included equity from federal and state Low-Income Housing Tax Credits, the VA, DHCD, CEDAC, LISC and a Home Depot Foundation grant.

 

More Property Management Companies using MassHousing's Tenant Assistance Program

 

Participants at a recent MassHousing TAP conference

Thanks to a strong marketing effort backed by a track record of success, MassHousing's Tenant Assistance Program (TAP) had its most successful enrollment year to date in 2016.

The TAP program provides trainings and conferences for the owners and managers of rental housing communities financed or supported by MassHousing, educational and community-building programming for residents, and dispute resolution services.

TAP has shown a steady increase in enrollment over the last five years and 50% of the 888 housing communities in MassHousing's portfolio are now enrolled. In 2016, a record 93 management companies overseeing 57,183 housing units enrolled their housing communities in the TAP program. During the past year TAP staff incorporated a more personal approach to outreach through relationships with site staff and a streamlined membership appeal process.

Through the programs TAP membership offers, management companies, site and regional staff have experienced or learned the value of TAP and the positive program impact on their businesses.

"We believe that there is an increased understanding of TAP as an investment that improves the lives of residents and rental communities," said MassHousing Director of Community Services Thaddeus Miles.

"TAP provide tremendous value at a low cost," Miles added. "The training and education offered through the annual conference and management trainings provide housing staff with the skills and knowledge to address the most pressing issues in their communities," "The dispute resolution services provide mediation, facilitation, and consultation that build a sense of community and ultimately save housing communities money. The resident programs build a sense of community and allow residents to engage through informative and enjoyable programming including live entertainment, games, art, self-help programs, music, and multicultural activities."

• View upcoming TAP trainings
• Learn more about TAP

MassHousing Hosts Supplier Diversity Summit

Jabes Rojas (center), Deputy Chief for Access and Opportunity in the Baker Administration, spoke to representatives from state and quasi-public agencies gathered at MassHousing's offices

MassHousing's Diversity & Inclusion Division was pleased to recently host the first Supplier Diversity Summit Meeting, led by Jabes Rojas from Governor Charlie Baker's Office of Access and Opportunity.

The summit explored ways to leverage the attendees' missions, learn more details about their collective programs, promote best-practices, and further support the hiring of Minority and Women-Owned Business Enterprises and using the federal Disadvantage Business Enterprise and Small Business Enterprise programs.

The Supplier Diversity Summit was held for the Commonwealth's Executive Branch, MassHousing, Massachusetts Water Resources Authority, Massachusetts Port Authority, UMass Procurement Team, Massachusetts Bay Transportation Authority, Massachusetts Life Sciences Center, Massachusetts Gaming Commission, Division of Capital Asset Management and Maintenance, MassDOT, UMass School Building Authority, Operational Services Division, Massachusetts Housing Investment Corporation, and Massachusetts Growth Capital Corporation.

The businesses certified by the Massachusetts Supplier Diversity Office (SDO) consist of approximately 3,300 certified Minority and Women-Owned Business Enterprises in Massachusetts. Within the certification categories are LGBT-Owned, Veteran Owned, Service-Disabled Veteran Owned, and Disability Owned.

 

Mounzer M. Aylouche Promoted to Manager of Homeownership Business Development

Mounzer M. Aylouche has been promoted to Manager of MassHousing’s Homeownership Business Development group.

In announcing the promotion, MassHousing Executive Director Tim Sullivan noted that Mr. Aylouche will "manage the important work that is being done by our business development staff; dealing with our network of participating lenders, as well as our relationships with Realtor associations, local Chambers of Commerce, and our non-profit counseling and rehabilitation agencies."

Mr. Aylouche has been at MassHousing for 18 years and has previously served as a secondary marketing officer and relationship manager in the Homeownership Division.

A resident of Swampscott, Mr. Aylouche is the incoming Chairman of the Massachusetts Mortgage Bankers Association (MMBA).

Throughout his 30-year career in the lending industry, Mr. Aylouche has held various positions in loan servicing, secondary marketing, loan origination, and senior management. A native of Lebanon, Mr. Aylouche—who is fluent in Arabic and French—immigrated to the United States in 1982 to pursue his education. He holds a Bachelor of Science degree in Financial Management and Economics from the University of Massachusetts at Lowell, and a Master of Business Administration degree in Marketing from Southern New Hampshire University.

Besides serving on the MMBA’s Board of Directors, Mr. Aylouche is the president of the MMB Foundation, the charitable arm of the organization and Chair of the Community Investment Committee. Mr. Aylouche has been instrumental in the MMBA's support of non-profit organizations in Massachusetts that promote homebuyer education and counseling. He has also been instrumental in establishing the MMBA community college scholarship program for low- and moderate-income students in Massachusetts.