August 28, 2007
MassHousing sets financing record
By Matthew L. Brown
The Massachusetts Housing Finance Agency said it dolled out a record $721 million in financing for affordable housing during its 2007 fiscal year.
The financing included $425 million in affordable mortgage loans and financed more than 8,000 housing units, the agency said. The agency also wrote $232 million in loans for rental developments and the preservation of affordable housing; $25 million in mortgage insurance loans; $13.8 million in loans for new home construction; $22.8 million in housing funding from the Affordable Housing Trust Fund; and $575,000 to create or preserve housing for recovering drug addicts and alcoholics.
Before hitting $425 million in financing this year, the agency's previous record for housing financing was $263 million, which was set in 2006.
The agency said that it kept loan delinquency and foreclosures to 3.8 percent and 1.1 percent respectively.
The financing included $425 million in affordable mortgage loans and financed more than 8,000 housing units, the agency said. The agency also wrote $232 million in loans for rental developments and the preservation of affordable housing; $25 million in mortgage insurance loans; $13.8 million in loans for new home construction; $22.8 million in housing funding from the Affordable Housing Trust Fund; and $575,000 to create or preserve housing for recovering drug addicts and alcoholics.
Before hitting $425 million in financing this year, the agency's previous record for housing financing was $263 million, which was set in 2006.
The agency said that it kept loan delinquency and foreclosures to 3.8 percent and 1.1 percent respectively.
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