2019 MassHousing Annual Report - Page 12



R E N TA L H O U S I N G
FINANCING
Increasing and preserving the supply
of a precious resource
permanent and bridge financing to for-profit and
$86 million in new workforce housing
funds from the Commonwealth
non-profit developers and owners who build or
In 2019, Governor Baker announced that his administration
preserve mixed-income rental housing.
would provide an additional $86 million from the
MassHousing provides cost-effective construction,
Commonwealth for MassHousing’s workforce housing
$688.7 million
Total rental financing in FY19
program, $60 million of which will finance the production
of new workforce homes that will be affordable for
moderate-income, first-time homebuyers. This financing will
compliment the $110 million MassHousing has
30
Developments financed
4,182
Total units financed
3,620
Affordable units financed
368
New units financed
3,814
Units preserved
already committed to the Workforce Program.

This new funding will advance our efforts
to close the state’s racial homeownership
gap, and unlock sustainable, inclusive
economic growth.”
— MassHousing Executive Director,
Chrystal Kornegay
13A Update: A critical effort to
preserve affordability
MassHousing has been working to preserve affordability
at dozens of rental properties financed under the
Commonwealth’s Chapter 13A subsidy program. The
affordability restrictions that protect the extremely
low-income residents of 13A developments were set to
expire between 2014 and 2020. Making the matter more
urgent was a HUD decision that 13A developments are
not eligible for tenant protection vouchers. As of the
end of FY19, MassHousing had successfully refinanced
18 developments with 1,717 total units (1,405 13A
subsidized units) with $73 million in funds.
10

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