2019 MassHousing Annual Report - Page 7



FINANCIAL
I N N O VAT I O N
Our Opportunity Fund is Driving
Mission-Based Initiatives
Behind the scenes: Creative financing at
Mill and 3 Apartments in Chelmsford
MassHousing’s sound financial management has allowed
Affordable housing financing resources are scarce, and
the Agency to support several mission-based efforts
we’re always looking to stretch those dollars as far as
through its Opportunity Fund. Since 2017, MassHousing
possible. At the Mill and 3 Apartments in Chelmsford, a
has contributed $205 million to the Opportunity Fund.
new 108-unit mixed-income rental community being built
by Princeton Properties, MassHousing made a tax-exempt
Along with the Workforce Housing Initiative and Down
Payment Assistance program, the Opportunity Fund has
allowed us to preserve affordable rental housing that
serves some of the most vulnerable populations in
Massachusetts, assist municipalities with planning
efforts and smaller-scale housing developments, and
promote senior housing research and green building.
Opportunity Fund Initiatives
Designated
Approved/
Committed
$110,000,000
$75,000,000
13A Preservation
$50,000,000
$31,300,000
SRI Capital Needs
$4,000,000
$4,000,000
Community Scale Housing Initiative
$5,000,000
$1,300,000
Operation Welcome Home
$3,000,000
$897,400
Planning for Housing Production Program
$3,000,000
$1,400,000
$29,000,000
Other
- Expanded Down Payment Assistance
$7,000,000
$290,000
- Senior Housing Research Studies
$250,000
- Green Asset Management/Retrofit (LISC)
$250,000
- Veterans Closing Cost Assistance
$165,000
$210,000
$103,811
$1,000,000
$1,000,000
Workforce Housing
Minority/Women Business Loans (MGCC)
$23.6 million permanent loan by issuing short-term,
variable-rate revenue bonds and using recycled private
activity volume cap. Federal law allows state housing
finance agencies to reuse their annual tax-exempt volume
cap in instances where a volume cap loan has been prepaid. This allows affordable housing developers to access
tax-exempt interest rates, while preserving scarce resources
such as Low-Income Housing Tax Credits for other projects.
5

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