Despite the coronavirus outbreak, which disrupted the economy, threw the real estate market into turmoil and forced MassHousing and many of its partners to work remotely since March, the Agency closed more than $1.2 billion in financing transactions in fiscal year 2020, which ended on June 30. 

In addition to our lending to support affordable home mortgage loans and to support building or preserving apartments, MassHousing also continued its long-standing commitment to providing services for residents and young people in the apartments we finance and their surrounding neighborhoods. We also continued and expanded our efforts to leverage the economic opportunities within affordable housing for diverse businesses.

Following are highlights of the year, which ran from July 1, 2019 to June 30, 2020:  

Home Ownership

• $607 million in total financing for 3,548 home mortgage loans
• 1,215 first-time home buyers received Down Payment Assistance (DPA) 
• 81% of first mortgage loans were to first-time buyers
• 33% of all loans were made to borrowers who categorized themselves as persons of color
• 41% of loans were made in Gateway Cities*

*The Legislature defines 26 Gateway Cities in the Commonwealth, which are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

Rental

• $680.7 million in total lending for 34 rental housing developments with 4,057 total rental units (3,644 have rents deemed affordable for residents with incomes at or below 80% of AMI)
• 538 new-production units
• 3,184 preserved units
• 50 MassHousing-financed developments were in construction at year's end, with 92% of the units designated as affordable

Community Services

• 1,872 individuals were assisted through our programs to maintain housing stability for vulnerable populations. The programs include funds for sober housing, tenancy preservation, hoarding mitigation and dispute resolution.
• 3,125 individuals in the property management and resident services fields participated in trainings delivered by our staff on a variety of topics, including how to manage through the COVID-19 crisis.
• More than 30,000 people benefitted from our efforts to strengthen families and communities, including programs and summer jobs for young people; resident programs in education, arts and entertainment, and wellness; and funding to support community organizations.

Economic empowerment for diverse businesses

• Over 1,500 contracting opportunities - for more than 57 trades and professions - at rental housing developments were made available through our Business Opportunities Job Listing.
• Our Diverse Business Owner Directory listed certified diverse business owners, self-identified diverse business owners, and business owners not falling under the diverse business community.
• Diverse businesses met with property management companies, general contractors and others at our Annual Trade Fairs.
• We connected property management companies and general contractors with small diverse businesses through one-on-one matchmaking sessions facilitated by our staff.
• Our Diverse Business Workshops provided businesses with information on business opportunities at MassHousing-financed developments; marketing to MassHousing developments; insurance and bonding; access to credit and capital and how to make the most of the MassHousing trade fair.