MassHousing's performance in 2004 was $142 million--or 25%--above its previous high mark of $562 million, set two years ago in fiscal year 2002. MassHousing executive director Thomas R. Gleason says that the agency continues to see a huge demand for its financing.
"Working through our partner banks as well as with numerous developers and property owners, we helped to put thousands of Massachusetts residents into affordable homes and apartments again this year," he adds.
As a result of the performance, MassHousing received positive evaluations from the two major Wall Street bond-rating agencies. Standard and Poor's reaffirmed its rating of A, and Moody's reaffirmed its rating of A2. MassHousing's core business is to make below-market rate loans to low- and moderate-income home buyers, finance new mixed income housing and preserve existing affordable rental housing.
MassHousing launched two new affordable housing initiatives this year. The first was the Priority Development Fund, a new $100 million fund to provide gap-filler financing for the new construction of mixed-income rental housing using "Smart Growth" principles. The second was MI Plus, a private mortgage insurance product that helps families buy a home with little or no down payment and also provides up to six months of mortgage payment protection for the borrower if they become unemployed.
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