$1 Billion Announced by MassHousing to be Used for Affordable Housing

MassHousing announced today that it provided nearly $1 billion in financing for affordable housing in fiscal year 2012, setting a new one-year lending record. MassHousing’s lending for the 12-month period ending June 30, 2012 was up 21% over last year. The new record also exceeded the previous best lending year (FY 2010) by 15%. In total MassHousing provided $965.3 million: 1) $570.6 million in loans to more than 2,600 low- and moderate-income borrowers for home purchases, refinancing or home improvement loans; 2) $334.4 million in loans to limited-dividend real estate developers or apartment owners to build 6 new developments with 470 units and to preserve 22 existing affordable apartment communities with 2,698 units, 3) $40.3 million from the Commonwealth’s Affordable Housing Trust Fund for 2,076 units of housing — both rental and home ownership — for the elderly, families and special needs residents; 4) $20 million from the Agency’s mortgage insurance fund to insure an additional 93 affordable, non-MassHousing loans made through community banks MassHousing is a self-sustaining agency that does not use taxpayer dollars.



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