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Affordable and Mixed-Income Financing

MassHousing provides financing for existing multifamily developments using both taxable and tax-exempt executions. Programs are available to profit motivated, non-profit motivated and public owners of affordable and mixed-income rental developments.

Program Details

As a delegated Risk Share Underwriter, MassHousing retains independent lending authority pursuant to its approved Risk Share underwriting standards, and serves as the borrower's primary point of contact throughout the underwriting and closing process. MassHousing also has the ability to use its own underwriting standards to meet the financing needs of borrowers.

MassHousing offers a variety of financing options to preserve properties, including non-substantial and substantial rehabilitation.

Non-Substantial Rehabilitation

Financing is available for properties with minimal to moderate rehabilitation using both taxable and tax-exempt financing primarily through the Treasury/Federal Financing Bank (FFB) HUD/HFA Risk Share Financing program. This option allows for rehabilitation of up to $40,500 per unit and not more than one full building system. For additional lending terms, please see the Non-Substantial Rehabilitation term sheet.

Substantial Rehabilitation

Financing is available for properties with rehabilitation costs greater than 15% of value or the $40,500 per unit limitation defined in the Treasury/FFB option. MassHousing can provide a construction and permanent loan, or permanent only loan. For additional lending terms, please see the Substantial Rehabilitation term sheet. MassHousing can also offer construction only loans. For additional information, contact Rental Lending Staff.

Additional financing options

As an independent lending authority, MassHousing sets its underwriting standards and can offer financing for a variety of projects, including projects using 40B, so long as a minimum of 20% of units are rent restricted and occupied by those earning 80% of area median income. For additional lending terms and conditions, please see the Mixed-Income Financing Programs (40B) term sheet.

Conduit Bond Program
The Multifamily Conduit Bond Program is a simplified and streamlined alternative for borrowers who choose to provide their own credit enhancement. For more information, please see the Conduit Bond Program term sheet.

Contact MassHousing

For more information about MassHousing financing options or to discuss your specific project needs, contact MassHousing Rental Lending Staff:

 Affordable & Mixed-Income Financing Term Sheets
Document  Term Sheet: Non-Substantial Rehabilitation
Document  Term Sheet: Substantial Rehabilitation
Document  Term Sheet: Mixed Income Financing Programs (40B) - Taxable Only
Document  Term Sheet: Conduit Bond Program