BOSTON – January 8, 2026 – MassHousing announced today that the Agency has closed on a total of $25.4 million in financing, including $13 million from the Massachusetts Community Climate Bank at MassHousing, to two affordable rental housing communities, Treehouse at Easthampton Meadow in Easthampton and the Brian J. Honan Apartments in Allston.
The transactions involve the first commitments of funding from the Massachusetts Community Climate Bank at MassHousing (MCCB) to affordable rental housing communities. Both properties will utilize the financing from MassHousing and the MCCB to launch deep energy retrofit projects that will significantly reduce energy usage and carbon emissions at the properties, while improving air quality and thermal comfort for residents.
The clean energy investments at Treehouse and the Brian J. Honan Apartments are the first in a new demonstration program at MassHousing and the Climate Bank. The demonstration program is designed to accelerate deep energy retrofits at affordable housing communities in Massachusetts.
"The deep energy retrofits at Treehouse at Easthampton Meadow and the Brian J. Honan Apartments demonstrate how clean energy and affordable housing investment work together, to create better outcomes for low-income residents and our climate," said MassHousing CEO Chrystal Kornegay. "These two exciting retrofit projects showcase the innovation MassHousing is bringing to climate finance. We are working collaboratively to create long-term energy affordability and housing affordability, with lower carbon emissions and greater resident comfort."
"Achieving long-term energy affordability means retrofitting the homes we have today to make them more efficient to heat and cool and more comfortable to live in, while reducing fossil fuel consumption," said Maggie Super Church, Director of Policies and Programs at the Massachusetts Community Climate Bank at MassHousing. "Through this demonstration program, the MCCB is accelerating investment in affordable rental homes and collecting crucial data that will help scale up our investments in large-scale deep energy retrofits."
"Programs that preserve housing affordability and lower monthly energy bills at the same time can drive down costs in a life-changing way for residents while creating healthier communities across Massachusetts," said Energy Resources Commissioner Elizabeth Mahony. "When affordable housing deep energy retrofit projects leverage multiple funding sources, like DOER's grants, Mass Save program rebates, and Climate Bank financing, Massachusetts can provide comfortable, climate-resilient homes that require less energy to heat and cool to more of the households who need it most."
"These first investments from the Massachusetts Community Climate Bank will strengthen two affordable rental housing communities, delivering healthier, more comfortable homes while sharply reducing energy use and carbon emissions. Massachusetts can't meet its housing goals without preserving and modernizing the affordable homes we already have, and by pairing deep energy retrofits with affordable rental housing, MassHousing is advancing solutions that benefit residents, communities, and the climate at the same time," said Housing and Livable Communities Secretary Ed Augustus.
"Our partnership with MassHousing and the MCCB with its deep energy retrofit demonstration program will allow us to make extensive property improvements at Treehouse that will result in a significant reduction in energy usage and help retain long-term affordability for the residents there," said Beacon Communities Vice President, Development, Courtney Koslow. "Treehouse is a unique supportive multigenerational community that integrates mixed-income family housing for households who have adopted children who have experienced the foster system with affordable housing for households aged 55+ who agree to mentor the children. These property improvements will ensure that this special housing community will continue to thrive long into the future."
"The Deep Energy Retrofit being undertaken at the Brian J. Honan Apartments marks an important milestone in the ongoing effort by the Allston Brighton Community Development Corporation (ABCDC) to change the way we think about operating our affordable housing portfolio to better serve the households who call our properties home," said Caitlin Robillard, Director of Real Estate at ABCDC. "We are addressing this effort by acknowledging the impact of climate changes and embracing the availability of innovative technological advances that will improve the quality of life for residents at our sites. We are very grateful to the many partners who have helped make this important project possible, including the teams at MassHousing and the Climate Bank."
Both Treehouse at Easthampton and the Brian J. Honan Apartments are being redeveloped and preserved under a new multifamily decarbonization demonstration program from the Massachusetts Community Climate Bank at MassHousing. The demonstration program will preserve affordable housing communities and finance deep energy retrofits that reduce carbon emissions, by combining low-cost financing from the MCCB at MassHousing with low-income housing tax credit equity and other targeted capital sources. Additional demonstration program announcements will follow in 2026.
Dedicated climate financing from the MCCB at MassHousing helps blend traditional affordable housing financing sources, such as affordable mortgage financing and low-income housing tax credits, together with climate-focused funding sources, including DOER's Affordable Housing Decarbonization Grant Program and EOHLC's Climate Ready Housing Program. Blending affordable housing funds and climate awards together with long-term loans from MCCB at MassHousing allows projects to proceed to construction more quickly than would be otherwise be possible. Both Treehouse at Easthampton and the Brian J. Honan Apartments were previously awarded climate-focused funding from DOER and EOHLC.
The MCCB's multifamily decarbonization demonstration program was capitalized with $20 million in seed funding from the Massachusetts Department of Environmental Protection's Climate Mitigation Trust.
Treehouse at Easthampton Meadow is an existing 60-unit affordable rental housing community. Treehouse serves older adults and families caring for children in the foster care system. The unique vision of Treehouse at Easthampton encourages older adults and families to connect in a supportive and active environment.
Beacon Communities is pursuing a deep energy retrofit that will dramatically reduce energy consumption and carbon emissions at the property, while increasing resident comfort. The project will replace existing fossil fueled heating systems with new, all-electric heating and cooling systems. Beacon will improve exterior and attic insulation and air sealing across the property, electrify hot water heating, and install rooftop solar panels.
The retrofit is estimated to reduce energy consumption at the property by 51 percent and reduce carbon emissions by 40 percent.
Beacon will finance the retrofit of Treehouse at Easthampton with $5 million in MCCB climate retrofit financing, alongside $1.3 million in Capital Magnet Fund financing from MassHousing. Additional project financing includes state low-income housing tax credits and Affordable Homes Act resources from the Executive Office of Housing and Livable Communities, $3 million in Affordable Housing Decarbonization grant funding from the Massachusetts Department of Energy Resources, $750,000 in Climate Ready Housing grant funding from EOHLC and MassHousing, $714,000 in LEAN funding from Mass Save, and $200,000 in Community Preservation Act funding from the City of Easthampton.
Fifty-four of the 60 units at Treehouse at Easthampton Meadow are deed-restricted affordable homes, with 46 units affordable to households earning up to 60 percent of the area median income, while 8 units are supported by project-based Section 8 contracts and are affordable to households earning up to 30 percent of the area median income.
Treehouse at Easthampton Meadow contains 48 one-bedroom rental units, 4 three-bedroom rental units, 4 four-bedroom rental units, and 4 five-bedroom rental units.
The property is managed by Beacon Residential Management. The project's architect is Davis Square Architects and Keith Construction Inc. is the general contractor.
The Allston Brighton CDC's Brian J. Honan Apartments is an existing 50-unit affordable rental housing community in the Allston neighborhood of Boston. The Allston Brighton CDC will utilize a combination of traditional affordable housing financing from MassHousing and deep energy retrofit funding from the MCCB at MassHousing to make critical energy and accessibility improvements to the property.
The Allston Brighton CDC will remove fossil fuels from the Honan Apartments, electrifying building heating and hot water heating systems. The CDC will also install advanced exterior insulation and air filtration systems and add a rooftop solar power system that will help offset new electrical usage.
The deep energy retrofit will significantly improve thermal comfort and indoor air quality for the community's 50 low-income households. The project will reduce energy consumption at the property by an estimated 62 percent and lower carbon emissions by 51 percent.
As part of the transaction, the Allston Brighton CDC will also make a number of accessibility improvements to the property, including new accessible kitchens.
The Allston Brighton CDC will finance the retrofit of the Brian J. Honan Apartments with $8 million in MCCB climate retrofit financing, a $5.4 million taxable construction and permanent loan from MassHousing, a $3.4 million taxable construction bridge loan from MassHousing, and a $1 million Capital Magnet Fund loan from the Agency. Additional project financing includes state low-income housing tax credits and Affordable Homes Act resources from the Executive Office of Housing and Livable Communities, $2 million in Affordable Housing Decarbonization grant funding from the Massachusetts Department of Energy Resources, $2.5 million in Climate Ready Housing grant funding from EOHLC and MassHousing, $1.6 million in funding from the City of Boston's Retrofit Fund, $736,000 in LEAN funding from Mass Save, $150,000 from the Massachusetts Clean Energy Center, and $63,000 in funding from Liberty Mutual.
All 50 rental homes at the Brian J. Honan Apartments are deed-restricted affordable homes, with 14 affordable homes offered to households earning up to 30 percent of the area median income, 17 homes affordable to households earning up to 50 percent of the area median income, and 19 homes affordable to households earning up to 60 percent of the area median income.
The Brian J. Honan Apartments contain 11 one-bedroom rental units, 29 two-bedroom units, and 10 three-bedroom rental units.
The project's general contractor is Haycon Building LLC and the architect is Onion Flats LLC. The property is managed by Maloney Properties.
Massachusetts Governor Maura Healey created the MCCB at MassHousing in June 2023 as the nation's first green bank dedicated to affordable housing. The MCCB at MassHousing is organized to pursue financial innovation and promote clean energy solutions for low- and moderate-income households by leveraging state, federal and private funds. Massachusetts has prioritized accelerated investment in affordable homes -- where residents bear a disproportionate burden of energy costs, and where families have been disproportionately impacted by pollution from fossil fuels.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. As a mission-driven agency, MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com.
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