MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.
Relationship to the State Government: Independent Authority
Current Staff Size: 306
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MassHousing is established
First multifamily project completed (Rolling Green at Amherst)
Demonstration Disposition Program
MassHousing creates MIPlus® mortgage insurance for home buyers
MassHousing creates a first in the nation $100 million Workforce Housing program
CommonWealth Builder program launched
MassHousing launches Workforce Advantage home mortgage loan program
Total Financing Provided
Renters Served Since 1966
Homeowners Served Since 1966
CommonWealth Builder (CWB) and Workforce Advantage (WFA)
Working in tandem, these two programs address the racial home ownership gap by subsidizing new construction of for-sale houses and condominiums for moderate income buyers and providing affordable home loans with down payment assistance of up to $25,000 for buyers of those units. The focus is on Boston, 26 mid-size cities and qualified census tracts.
Number of Home Buyers to Date: 75
“As we transition to a post COVID world, we are focused on increasing our lending, strengthening our longstanding commitment to diversity and inclusion and helping the Commonwealth of Massachusetts recover and be stronger than ever.”
Sonia started with online homebuyer education through Framework, then worked with Century 21 to find a home in Brockton. She then connected with Residential Mortgage Services (a MassHousing-approved lender) which guided her through the process of applying for and closing a MassHousing mortgage loan. The loan included down payment assistance of 3% of the home’s price, which made the purchase even more affordable.
Chazzie Henderson moved from Florida to start a new job as a 5th grade teacher in Boston. She did not earn enough to afford a market-rate apartment yet earned too much to qualify for a traditional subsidized unit. At The Watson, a new apartment complex in Quincy, she qualified for a workforce unit and now pays a rent she can afford, in an economically diverse community with market-rate tenants, lower-income residents and middle-income families.