MassHousing provides mortgage increases to cover costs that endanger the physical and financial stability of the development, including general repairs, replacement reserve funding and energy conservation measures.
Who it's for
MassHousing financed developments may use a mortgage increase to
- Protect the physical asset from potential damage or tax lien taking
- Correct physical deficiencies not otherwise correctible
- Support the workout of a seriously troubled development
- Achieve operating efficiencies
- Loans are self-amortizing for up to 40 years
- Loans are locked from prepayment for the lesser of 15 years after closing or the term of the mortgage increase
For more information, download the Mortgage Increase Term Sheet or contact David Keene, MassHousing's Chief Preservation Officer, at 617.854.1124.