MassDevelopment can help you with a range of housing projects, from historic tax credits to affordable housing programs. With an experienced team of professionals and a full range of financing options, we can assist you with predevelopment work, construction, and permanent financing.
The Brownfields Redevelopment Fund
This fund provides up to $100,000 for assessment of brownfields properties in Economically Distressed Areas (EDAs). You can also get loans with flexible terms up to $500,000 to clean up contaminated sites.
These are low interest rate loans up to $100,000 with deferred repayment terms to finance predevelopment real estate projects.
Affordable Rental Housing Development Financing
For certain projects, it’s even more important to keep borrowing costs down. We issue tax-exempt bonds for properties that meet federal affordable income requirements. Eligible rental housing projects include:
- Assisted living
The bonds can be used to finance new construction or rehabilitation of existing housing, or acquisition and preservation of “expiring use” projects. Bonds can be issued in the capital markets, or directly to a bank and other financial institutions.
Qualified multifamily and senior rental housing projects may also be eligible for an allocation of 4% low income housing tax credits.
40B Project Eligibility
This offering enables developers to streamline the permitting process for affordable housing development. As a designated agency, MassDevelopment is authorized to issue site eligibility letters.
For more information, contact:
SVP, Housing Finance
Rental Housing Development Financing
Real Estate Loans
We offer loans and bank loan participations up to $7,500,000 for facility acquisition, renovation, construction, and permanent financing of rental housing and mixed-use projects.
Mortgage Insurance Guarantees
MassDevelopment can issue a guarantee to your bank, allowing you to receive a higher advance rate on a real estate loan.