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05-7-14-PC
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16 <br />MassHousing <br />MassHousing (formerly the Massachusetts Housing <br />Finance Agency) is the state’s affordable housing <br />bank,created by an act of the legislature in 1966 <br />as a self-supporting,independent public authority <br />charged with increasing affordable rental and home- <br />ownership housing in Massachusetts. The agency <br />lends money at rates below the conventional market <br />rate to support rental and homeownership oppor- <br />tunities for low- and moderate-income residents of <br />Massachusetts,relying on private nonprofit and for- <br />profit developers to construct and operate the rental <br />housing that it finances. MassHousing sells federally <br />authorized,tax-exempt,and taxable bonds to individ- <br />ual and corporate investors,raising private capital for <br />mortgages that it loans to eligible borrowers. <br />This money is loaned at rates that are well below <br />those offered by conventional lenders,thus making <br />the housing financed more affordable to low- and <br />moderate-income households. <br />MassHousing makes financing available to develop- <br />ers proposing to construct new,mixed-income rental <br />housing developments in which a minimum of 20 per- <br />cent of the units are affordable to low-income house- <br />holds,or to refinance and extend affordability require- <br />ments at existing developments through innovative <br />and award-winning pro- <br />grams. MassHousing <br />offers “one-stop shop- <br />ping” for developers of <br />mixed-income rental hous- <br />ing by providing construc- <br />tion,bridge,and perma- <br />nent financing at rates <br />below conventional inter- <br />est rates. Since making <br />its first loan in 1970, <br />MassHousing has pro- <br />vided more than $6 bil- <br />lion to finance more than <br />60,000 apartments and <br />40,000 home mortgages <br />throughout the state. <br />Profile <br />Mixed-income developments with all market-rate units <br />(such as a master-planned community with a range <br />of price points) usually rely on conventional financing. <br />However, mixed-income housing developments containing <br />assisted units can draw on many sources of financing––and <br />may in fact have more options than market-rate housing. <br />Because additional funding comes from government sources <br />layered with conventional sources, financing generally is more <br />complex in a development with assisted units. Financing tools <br />for mixed-income housing may include tax-exempt bonds, low- <br />income housing tax credits, housing trust funds, tax <br />increment financing, and revolving loan funds. These <br />supplemental funding sources typically have regulatory <br />and reporting requirements and often operate on <br />annual cycles that govern when money is paid out. <br />The federal government sponsors the following pro- <br />grams that can help support the development of <br />mixed-income housing:31 <br />• HOME Investment Partnerships Program—a block grant <br />program that provides funds to states and localities <br />on an annual basis. Funds may be used for a variety <br />of affordable housing activities. <br />• Community Development Block Grant Program—provides <br />funds to eligible metropolitan cities and urban coun- <br />ties on an annual basis. Emphasis is on use of funds <br />to benefit low- and moderate-income families. <br />• Community Development Block Grant Program/Section <br />108 Loan Guarantees—enables state and local gov- <br />ernments to obtain federally guaranteed loans that <br />can be used for a variety of housing and community <br />development activities. <br />Myth #6 <br />Financing for mixed-income <br />housing developments is unavail- <br />able or hard to come by. <br />Fact #6 <br />There are many sources of <br />financing to support the devel- <br />opment of mixed-income housing. <br />Avalon Oaks, in Wilmington, Massachusetts, is a 204- <br />unit mixed-income development with 41 units set aside <br />for low-income families. MassHousing financed Avalon <br />Oaks in 1998 with a $17.8 million permanent loan. The <br />project’s developer was AvalonBay Communities, Inc. <br />GR <br />E <br />I <br />G <br /> <br />C <br />R <br />A <br />N <br />N <br />A
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