Tuesday, December 6, 2016

Mass. agency awarded two national housing honors

by Andrea Nesby,
National Housing Conference

MassHousing, an NHC Leadership Circle member, was awarded two national housing awards by NHC member National Council of State Housing Agencies (NCSHA). One honor was for their Purchase and Rehabilitation Program, which is the only formal mortgage program in Massachusetts that provides financing for both the acquisition and repair of neglected properties suffering from deferred maintenance.

MassHousing’s Purchase and Rehab program mortgages are heavily concentrated in the state’s 26 “Gateway Cities,” defined as having populations between 35,000 and 250,000 residents with both average household income and average educational attainment rate below the state average.

The MassHousing loan program is unique in that the rehabilitation work is supervised by a qualified bank loan officer or rehab specialist and rehab funds are advanced on a predetermined schedule structured to have work completed within six months of the original loan closing. Over the past six years, the program has helped nearly 350 families purchase and repair homes in at-risk neighborhoods with $60 million in overall financing. The program has succeeded with the support of local municipalities and community conscious non-profit organizations and MassHousing-approved lenders.

“The MassHousing Purchase and Rehabilitation Program not only helps qualified homebuyers buy homes in need of repair but it helps stabilize neighborhoods by reviving blighted and abandoned properties,” said MassHousing Executive Director Tim Sullivan. “This award from NCSHA also highlights the commitment of our municipal, non-profit and lending partners who work closely with us to provide homeownership opportunities for low- and moderate-income homebuyers who are being underserved in the traditional mortgage market.”

Through its Restoring Neighborhoods Task Force, NHC lifts up best practices for comprehensive community development like the MassHousing Purchase and Rehabilitation Program to help those neighborhoods still struggling to recover from the foreclosure crisis, the recession and for some, many years of underinvestment and neglect. For more information or to participate in the task force, contact NHC policy and research associate Kaitlyn Snyder

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