Down Payment Assistance
MassHousing Lending Update, May 2020
May 18, 2020

As we enter the final stretch of fiscal year 2020, MassHousing lending remains strong on both the Homeownership and Multifamily sides of the Agency. Fiscal year 2020 runs from July 1, 2019 to June 30, 2020. 

Overall, MassHousing has provided $915.8 million in financing. That total includes 2,918 loans for $474.8 million to Massachusetts homebuyers and homeowners. Homeownership lending continues to be driven by MassHousing's Down Payment Assistance Program, which has provided $10.8 million to 1,058 homebuyers in the Commonwealth. An additional 138 loans for $33.6 million were made possible through MassHousing's Mortgage Insurance Fund, which insures some affordable, non-MassHousing loans for private lenders.

HomeOwnership lending remains strong, and the Agency is aiming to exceed $525 million by the end of FY20. 

On the Multifamily side, MassHousing has closed a total of $407.4 million in financing to 26 developments with 3,057 units, 2,734 of which are affordable. Six transactions for $39.3 million were for new construction projects that will create 396 units. A number of other transactions have been approved by MassHousing’s Board of Directors and are moving toward closing.