Massachusetts Housing Finance Agency (MassHousing)

MassHousing is an independent, quasi-public agency tasked with providing financing for affordable housing in Massachusetts. Established in 1966, the agency plays a crucial role in ensuring that low- and moderate-income individuals and families have access to safe, decent, and affordable places to live. MassHousing achieves this through a variety of financial programs, partnerships, and initiatives designed to stimulate housing production and preservation.

The agency’s primary function is to raise capital through the sale of tax-exempt bonds and notes. This capital is then used to provide below-market rate mortgage financing to developers of affordable rental housing and to first-time homebuyers. By offering lower interest rates and flexible loan terms, MassHousing makes it financially feasible for developers to create new affordable units and for individuals to purchase their first homes.

MassHousing’s financing programs are diverse, addressing a range of housing needs. For rental housing, they offer construction loans, permanent financing, and refinancing options. These programs support the development of new affordable housing complexes, the rehabilitation of existing properties, and the preservation of affordability in projects at risk of converting to market-rate rents. They also provide specialized financing for supportive housing projects that cater to vulnerable populations such as the homeless, individuals with disabilities, and seniors.

For homebuyers, MassHousing offers a variety of mortgage products tailored to first-time buyers and those with limited financial resources. These programs often feature lower down payment requirements, competitive interest rates, and mortgage insurance options. MassHousing also provides educational resources and counseling services to help potential homebuyers navigate the complexities of the home-buying process and ensure they are prepared for the responsibilities of homeownership.

Beyond financing, MassHousing plays a proactive role in shaping housing policy and fostering collaborations among various stakeholders. They work closely with state and local governments, non-profit organizations, and private developers to identify housing needs, develop innovative solutions, and advocate for policies that promote affordable housing. MassHousing also administers several state and federal housing subsidy programs, such as the Section 8 Housing Choice Voucher Program, which provides rental assistance to eligible families.

MassHousing’s impact on Massachusetts is significant. Over the decades, the agency has financed the creation or preservation of tens of thousands of affordable housing units, providing homes for countless families and individuals. By investing in housing, MassHousing not only improves the lives of residents but also strengthens communities and stimulates economic growth. The agency remains a vital partner in addressing the ongoing housing challenges in Massachusetts and ensuring that all residents have the opportunity to live in quality, affordable homes.