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MassHousing Crosses $1B Threshold in MAP Lending
MassHousing has surpassed $1 billion in lending through HUD’s Multifamily Accelerated Processing (MAP) program, preserving the affordability of 43 affordable housing communities since 2015 and extending affordability protections on more than 7,400 rental housing units.
The agency’s most recent MAP transaction, a $42.7-million refinancing and preservation of affordability at the 319-unit Melville Towers in New Bedford with joint venture partner Rockport Mortgage Corporation, put it over the $1-billion threshold late last month. Although limited by statute to lending in Massachusetts, MassHousing ranks among the top 30 HUD lenders nationally.
“The MAP platform allows multifamily owners the opportunity to proactively refinance, preserve and renovate their properties at attractive interest rates that have put these developments on sound financial footing and allowed for the extension of affordability for many years to come,” said MassHousing executive director Chrystal Kornegay.
Pictured: Melville Towers.
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