The MassHousing loan program is unique in that the rehabilitation work is supervised by a qualified bank loan officer or rehab specialist and rehab funds are advanced on a predetermined schedule structured to have work completed within six months of the original loan closing. Over the past six years, the program has helped nearly 350 families purchase and repair homes in at-risk neighborhoods with $60 million in overall financing. The program has succeeded with the support of local municipalities and community conscious non-profit organizations and MassHousing-approved lenders.
“The MassHousing Purchase and Rehabilitation Program not only helps qualified homebuyers buy homes in need of repair but it helps stabilize neighborhoods by reviving blighted and abandoned properties,” said MassHousing Executive Director Tim Sullivan. “This award from NCSHA also highlights the commitment of our municipal, non-profit and lending partners who work closely with us to provide homeownership opportunities for low- and moderate-income homebuyers who are being underserved in the traditional mortgage market.”
Through its Restoring Neighborhoods Task Force, NHC lifts up best practices for comprehensive community development like the MassHousing Purchase and Rehabilitation Program to help those neighborhoods still struggling to recover from the foreclosure crisis, the recession and for some, many years of underinvestment and neglect. For more information or to participate in the task force, contact NHC policy and research associate Kaitlyn Snyder.