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 households whose incomes are too high for subsidized housing but are priced out of market rents.
The Workforce Housing Initiative
- Supports housing with rents affordable to individuals and families with incomes of generally between 60% and 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
- Preference is for new units; existing projects where unrestricted units become restricted or preservation of affordability is at risk will be considered
- 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 Deborah Morse, Relationship Manager, 617.854.1133.