Massachusetts
Massachusetts Releases Two Supportive Housing NOFAs
The Massachusetts Department of Housing and Community Development posted two Notices of Funding Availability (NOFAs) for supportive housing projects to the state COMMBUYS system: Single Room Occupancy NOFA and Housing Trust Fund NOFA for Supportive Housing. If you are working on a project that you believe might qualify under one of the two NOFA, please […]
South End Mixed-Income Housing Community Will Undergo Major Renovation and the Preservation of Affordability with $30.3 million in MassHousing Financing
MassHousing provided a total of $30.3 million in affordable housing financing to the Fenway Community Development Corporation for the refinancing, major renovation and preservation of affordability for mixed-income households at the 97-unit Newcastle Saranac in Boston’s South End.
Pennrose Closes Combined Historic Renovation / New Construction Project in Auburn, MA
Pennrose has closed on financing for the 1.25-acre parcel and started construction on the 3-story 1920s era historic Mary D. Stone school building. The redevelopment plan includes the renovation of the historic school, demolition of later built wings, and construction of a new addition.
Massachusetts Signs Eviction & Foreclosure Bill
In response to the ongoing COVID-19 outbreak, Massachusetts Governor Charlie Baker (R) signed the eviction and foreclosure moratorium bill (H.4647). The law temporarily halts all stages of most evictions. For homeowners, the law temporarily stops foreclosures and requires lenders to offer mortgage forbearance for those affected by COVID-19. This bill, however, does not cancel missed […]
Massachusetts Clarification on Rent Increases in Private Affordable Housing
The Massachusetts Department of Housing and Community Development updated its FAQ
Massachusetts DHCD Issues FAQ on COVID-19 Rent Increases
On April 8, the Massachusetts Department of Housing and Community Development issued a FAQ document on rent increases in units with rental assistance during COVID-19 emergency.
MassHousing Surpasses $1 Billion in Multifamily Accelerated Processing (MAP) Lending, Preserving More Than 7,400 Affordable Rental Housing Units for Massachusetts Residents
MassHousing has surpassed $1 billion in lending through the Multifamily Accelerated Processing (MAP) program, preserving the affordability of 43 affordable housing communities since 2015 and extending affordability protections on more than 7,400 rental housing units for lower-income Massachusetts residents.
Massachusetts Bans Rent Increases for State-Assisted Properties
The Massachusetts Department of Housing and Community Development (DHCD) expects all owners of multifamily rental property that receives any form of financial assistance from DHCD and/or its quasi-public affiliates to refrain from implementing any rent increases.
What is the risk that LIHTC Properties in Massachusetts will convert to Market?
The Community Economic Development Assistance Corporation released a report, which explores the risk that LIHTC-financed properties in Massachusetts will convert to market-rate housing at Year 30. Roughly 86 percent of the 15,679 LIHTC units approaching year-30 are subject to some form of longer-term affordability restriction and will not be at risk for market conversion before December 31, 2030.
Massachusetts Guidance on Temporary 2020 Census Bureau Employment
The Massachusetts Department of Housing and Community Development released guidance on the exclusion of income derived from temporary 2020 Census Bureau work. Effective immediately, income derived from temporary 2020 Census Bureau employment is to be excluded from households’ countable income calculations for projects that involve any of the DHCD-assisted programs.
Boston Mayor Announces $500 Million for Affordable Housing
On January 7, in his State of the City address, Mayor Martin Walsh (D) pledged to dedicate $500 million over the next five years for affordable housing. These new investments will create rental and homeownership opportunities, preserve public housing, and establish a city-funded rental voucher program.
Massachusetts Governor Signs FY2019 Supplemental Budget
On December 17, Governor Charlie Baker (R) signed the supplemental budget to close out the $1 billion surplus from Fiscal Year (FY) 2019. The budget includes $2.5 million for a down payment assistance program for first-time homebuyers with low and moderate incomes as well as $2 million for a rental and mortgage arrearage assistance pilot […]