Workforce Housing Initiative
Gateway Residences on Washington in Lynn received the first financing through MassHousing's Workforce Housing Initiative. Ten of the property's 71 units will be reserved as workforce housing units.
MassHousing's $100 million Workforce Housing fund supports the creation of rental housing that is affordable for working families whose incomes are too high for subsidized housing but are priced out of market rents.
The Workforce Housing Initiative
- Targets individuals and families with incomes of 61% to 120% of Area Median Income (AMI)
- Provides up to $100,000 of subsidy per workforce housing unit to create 1,000 new units of workforce housing statewide
- Leverages strategic opportunities to use state-owned land
- Complements, does not replace traditional MassHousing development financing
- Ensures workforce housing units are deed restricted as affordable for at least 30 years
- Preference is for new units; existing projects where unrestricted units become restricted will be considered
- Workforce housing units are intended for working age household and may not be not be elderly restricted or occupied by full-time students
- 20% of units at the development must be affordable for households earning at or below 80% of AMI
Terms may change and additional restrictions apply.
For more information about the Workforce Housing Initiative and MassHousing multifamily financing programs, contact MassHousing Rental Lending Staff:
- Deborah Morse, Relationship Manager, 617.854.1133
- Meaghan McCarthy, Rental Lending Originator, 617.854.1399