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MassHousing History

MassHousing was created by an act of the Massachusetts Legislature in 1966 as an independent public authority charged with increasing affordable rental and for-sale housing in Massachusetts. Since making our first loan in 1970, the Agency has provided more than $19 billion in financing for the construction and preservation of affordable rental housing, and for affordable loan products for homebuyers and homeowners.

The Agency is recognized as one of the premier housing finance agencies in the country, and has won numerous national awards for creativity and innovation in affordable housing. In addition, MassHousing's expert management, professional operations and consistent financial performance have earned the Agency high marks among the credit rating agencies Standard & Poor's and Moody's.

Here are some notable MassHousing milestones:

  • 1966 - Massachusetts Housing Finance Agency (MHFA) was created by an Act of the Massachusetts Legislature
  • 1968 - Organized for business
  • 1968 - Capitalized with a $300,000 loan from the Commonwealth
  • 1970 - Financed and closed first loan (204-unit, Rolling Green at Amherst, $3.3 million)
  • 1974 - Massachusetts Home Mortgage Finance Agency (MHMFA) created to assist low- and moderate-income homebuyers and owners
  • 1979 - First home ownership loan program created by MHMFA
  • 1982 - Merger of the Massachusetts Housing Finance Agency and the Massachusetts Home Mortgage Finance Agency
  • 1987 - Renovations begin on 1,162-unit HUD-foreclosed Granite Properties in Dorchester and Roxbury, which paved the way for MassHousing's management of the Demonstration Disposition project
  • 1997 - Construction begins on the Demonstration Disposition program (Sonoma, Maple, Schuyler Apartments - $10 million)
  • 1998 - First Single-Family construction loan for 22-unit Tudor Commons in South Boston ($2 million)
  • 2000 - MHFA and Northeastern University form first-ever partnership between a housing finance agency and a university to build a combined student and affordable housing development (Davenport Commons/Shawmut Estates - $44.7 million)
  • 2001 - MHFA begins doing business as MassHousing
  • 2003 - Refunded $1 billion in multifamily bonds, achieving cost savings and providing increased financial capacity for future home ownership lending
  • 2003 - Became the first housing finance agency in the country to refinance a HUD Section 202 elderly rental development (Peter Sanborn Place in Reading)
  • April 2003 - Launched e-business platform emasshousing.com for the Home Ownership and Mortgage Insurance Fund business lines
  • January 2004 – Committed $100 million to the Priority Development Fund to provide gap financing for developers and planning assistance grants for municipalities
  • July 2004 – Began offering MI Plus mortgage payment protection on all mortgage loans insured by the Agency.
  • December 2004 – Disposition of New Academy Estates ends the Demonstration Disposition Program, a 10-year, initiative in which MassHousing administered the rehabilitation and reconstruction of 11 dilapidated developments in Boston
  • February 2008 – MassHousing's Center for Community Recovery Innovations (CCRI) reaches milestones with $4 million in grants awarded and 1,000 affordable, sober housing units supported
  • July 2008 – MassHousing's loan program announced; offers affordable, no-downpayment financing for veterans
  • January 2010 – MassHousing creates masshousingrental.com, a new website that consolidates information, documents and applications for the Agency's rental housing business partners
  • September 2010 - The MassHousing-administered Affordable Housing Trust Fund celebrates its 10th anniversary
  • November 2010 - CCRI, a nonprofit subsidiary of MassHousing, provides its 100th grant to promote and support affordable sober housing
  • July 2012 - MassHousing closes largest preservation transaction in its history, providing $168 million to extend affordability at six rental properties with 841 units
  • June 2013 - MassHousing completes FY'13 having provided $1.6 billion for affordable homeownership and rental housing, a one-year performance record
  • July 2013 - MassHousing closes $171.2 million for Georgetowne Homes, the largest financing of a single property in Agency history and the largest preservation transaction in state history
  • January 2014 - MassHousing approved as Ginnie Mae Seller/Servicer and Multifamily Accelerated Processing (MAP) lender
  • June 2014 - 10 years after it was launched, MassHousing mortgage insurance with MI Plus had helped 826 borrowers pay their mortgage despite losing their jobs
  • June 2015 - MassHousing becomes the first state Housing Finance Agency to close financing through a partnership with HUD and the U.S. Treasury (Federal Financing Bank)
  • July 2015 - The MassHousing-financed Quincy Heights becomes to first HUD Choice Neighborhoods housing community to open in the U.S.
  • November 2015 – MassHousing announces Operation Welcome Home, which helps Veterans, members of the military, National Guard and Reserves, and Gold Star Families buy a home in Massachusetts
  • April 2016 – MassHousing surpasses $10 billion in home mortgage lending
  • May 2016 – MassHousing announces $100 million fund to support the creation of Workforce Housing for households earning between 61% and 120% of area median income
  • December 2016 – MassHousing becomes first HFA to close an FHA MAP/GNMA Tax Credit Pilot loan ($18.5 million for Binnall House in Gardner)
  • November 2017 – MassHousing's MI Plus assists its 1,000th borrower in paying their mortgage during a period of unemployment
  • January 2018 – Chrystal Kornegay appointed MassHousing Executive Director
  • March 2018 – MassHousing launches Down Payment Assistance program for Massachusetts homebuyers