Section 8 Proactive Preservation Program
The Section 8 Proactive Preservation Loan Program was designed to accomplish three main objectives:
- Preserve the affordability of Section 8 HAP developments in the MassHousing portfolio
- Retain these properties as assets in the Agency's mortgage portfolio
- Maintain the Section 8 Contract Administration of these developments
Who it's for
MassHousing-financed developments supported by project-based Section 8 HAP contracts.
- Loans are self-amortizing up to 40 years
- Interest rates are set by choosing from several taxable, funding sources
- Loans are locked from prepayment for the longer of 15 years after closing or 10 years from maturity of the first mortgage
- Owners may extract equity after funding Section 8 recap and escrow obligations
For more information, download the Section 8 Proactive Preservation Loan Program Term Sheet or contact David Keene at 617.854.1124.