Oversight and Support for Property Managers

Preservation Financing for Long-Term Affordability

MassHousing is committed to preserving the affordable rental housing that already exists in the Commonwealth of Massachusetts. Our seasoned and knowledgeable underwriting teams work with owners of multifamily rental housing to develop creative, best-in-class refinancing options that

• Preserve affordable rents for the long-term
• Fund upgrades to the properties, including energy efficiency improvements
• Provide the best financial and mission outcomes for borrowers

Learn more about refinancing options for owners of affordable and mixed-income rental housing.

Optimizing Portfolio Performance

The relationship between MassHousing and our multifamily borrowers doesn't end when the loan is closed.  MassHousing takes a proactive and long-term approach to overseeing the rental housing we finance.

Our asset management professionals have deep experience in subsidized housing operations and management. They work closely with management and site staff to ensure the assets are well-managed and maintained and the resident experience is successful. Our teams

• Conduct annual reviews of the physical and financial condition of more than 500 MassHousing-financed rental housing developments
• Manage the accounting and distribution of millions of dollars of state and federal subsidies that support these apartments

Change of Business Relationship

When a development experiences a change in ownership, management agent, development name, bank, bank account or ABA routing number, a "Change of Business Relationship" (COBR) request must be submitted to MassHousing. Submission of a cover letter, a site specific COBR checklist, and supporting documentation is required to process the COBR request.

View checklists, forms, FAQs and other resources related to MassHousing's Change of Business Relationship process.

Accounting and Data Processing (ADP) Policy

The documents and links below relate to MassHousing's policy for defining and accounting for ADP costs. Please contact your asset manager with any questions.

• Amendment to Management Agreements that Allow for Accounting and Data Processing Fees
• MassHousing Policy Relating to Accounting and Data Processing (ADP) Costs
• HUD Handbook 4381.5, Rev-2, Chapter 3, Section 3.6c
• HUD Handbook 4381.5, Rev-2 Chapter 6, Paragraph 6.38, Fig. 6-2

Affirmative Fair Housing Marketing Plan

An Affirmative Fair Housing Marketing Plan promotes equal access to affordable housing opportunities. All MassHousing loans require an approved Affirmative Fair Housing Marketing Plan. Use the resources below to develop your Affirmative Fair Housing Marketing Plan:

• Federal (HUD) Affirmative Fair Housing Marketing Plan (fillable PDF)
• MassHousing Affirmative Fair Housing Marketing Plan (fillable PDF)
• MassHousing AFHMP Checklist
• HUD Clarification on AFHMP Review and Approval, September 2014

Please use the MassHousing AFHMP form if there is no federal funding or affiliation associated with the development. Please make note that all Risk Share insured developments require the use of the Federal AFHMP form.

Questions? Contact Us

If you have questions or comments regarding the submission of a new or updated AFHMP, please contact Christopher Burns or Colleen Kelley. To submit a new or updated AFHMP, please send it (with documentation) as a PDF to AFHMP@masshousing.com.

Replacement Reserve Policy and Guidelines

The documents below will help owners and management agents determine eligible expenses and the documentation necessary to support a request for disbursement from the Replacement Reserve account. If you have questions, contact your Asset Manager.

Replacement Reserve Policy & Exhibits

• Replacement Reserve Policy and Guidelines
• Addendum I: MassHousing Replacement Reserve Policy
• Exhibit A: Replacement Reserve Reimbursement Spreadsheet
• Exhibit B: Required Documentation Checklist for Replacement Reserve Reimbursement Requests
• Exhibit C: Agreement to Repay Funds Advanced from Replacement Reserve for Subsidy Shortfall
• Exhibit D: Agreement to Repay Loan from Replacement Reserve