Annual Report
Fiscal Year 2023
Message from the Chair and Executive Director
Chair
Chief Executive Officer
On behalf of MassHousing, it is our privilege to present to you our Annual Report for fiscal year 2023. As we reflect on the past year, we are pleased to share the significant achievements and milestones that have marked our journey.
In a year filled with unprecedented challenges and uncertainties, we are proud to report that MassHousing has not only weathered the storm but has emerged stronger and more resilient. Our commitment to innovation, sustainability, and excellence has been instrumental in navigating the complexities of the business landscape.
Over the past year, MassHousing helped 2,197 households achieve homeownership, while also creating or preserving 3,331 affordable rental homes. This year’s annual report shares some of their stories, shining a brighter light on the people we lend to and partner with.
We would like to express our deepest gratitude to our dedicated employees and valued partners for their unwavering support. Your trust and commitment have been the driving force behind our success, and we remain dedicated to delivering value and excellence in all that we do.
As we look toward the future with optimism, we are confident that MassHousing is well-positioned for continued success. We appreciate your ongoing support and look forward to another year of growth and achievement together.
Rental Housing
MassHousing provides financing with favorable terms to developers and owners of affordable and mixed-income rental housing. After loan closing, our asset management staff works with property managers to ensure that affordability is maintained and that properties remain in good financial and physical condition. If needed, MassHousing works with borrowers to provide additional financing to meet the properties’ needs.
MassHousing also administers certain federal rental housing subsidy programs on behalf of HUD, and performs financial and property reviews on HUD’s behalf, through a partnership called Performance Based Contract Administration.
$658.2m
total financing
31
rental communities financed
3,461 Units
3,331 of which are affordable
486
loans serviced with an outstanding balance of $6.9 billion
605
site reviews conducted
333 AMR, 272 MOR
575
developments under the federal Performance Based Contract Administration (PBCA) Program Served
Flat 9 at Whittier | Roxbury, MA
More than $189 million in MassHousing financing is supporting the redevelopment of the 1950s-era Whittier Street Apartments, a public housing community for more than 200 residents. When completed, Flat 9 at Whittier will have 314 new apartments.
Flat 9 at Whittier has outdoor play spaces, a mix of building types, and new streets to re-integrate the site into the broader neighborhood. The redevelopment is being led by Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corporation (MPDC).
Flat 9 has ground floor commercial/retail space for small, neighborhood businesses and above-ground parking as well as dedicated in-building bike storage. This transit-oriented development has been designed to meet LEED ND standards.
Visit the Flat9 website here
resident of Flat 9 at Whittier
“There is a brand-new state of the art playground in a courtyard right outside our apartment, and I can sit and watch the kids play. I’m a Latina woman with a Black husband and Black children. Being in Roxbury is the best. I am so glad that MassHousing and others chose to invest in Roxbury, a majority-Brown neighborhood. I love to see reflections of myself and my family.”
The MassHousing Team behind Flat 9
Left to right: Ken Beckles, Sebastian Zapata, Rachel Carlson, Daniel Barbanell, Danielle McCarthy, Avery Riggs, Emily Loomis, Carol McIver, Amelia Cruz McDonough (not pictured: Sarah Hall, Megan Phillips, Paul O’Leary, Colleen Kelley)
Beverly Village for Living & the Arts | Beverly, MA
In March of 2023, the transformation of the Briscoe School in Beverly began with a groundbreaking. Financed in part by $26 million from MassHousing, the school will be renovated into the Beverly Village for Living and the Arts. Beacon Communities and Harborlight Homes are the joint developers.
Former classrooms will be turned into 85 units of affordable housing for low-income seniors, and former locker rooms will become six live/work studios with an artist occupancy preference. The auditorium will be preserved for use as a community performing arts space, maintaining the building’s historic connection to its community. The former gymnasium will house resident amenities including a community room, computer learning center, wellness and fitness spaces, library and reading room, as well as a workshop. Outdoor amenity spaces will include a terrace and patio.
The MassHousing Team behind the Beverly Village
Left to right: Derek Mendes, Josiah Madar, Kimberly Leone, Hana Migliorato, Tom Fitzmaurice (not pictured Amanda Melick, John Collins, Kristin Olsen, Dave Harraghy, Greta Appleton)
Littleton Drive Family and Littleton Drive Senior | Wareham MA
MassHousing is providing $16.3 million in affordable housing financing to Pennrose, LLC for the development of the 49-unit Littleton Drive Family and the 44-unit Littleton Drive Senior, which combined will create 93 new affordable apartment homes for families and seniors in Wareham.
The two housing communities will share a community center, outdoor common space, roadways, and parking space. The new housing is being developed on land owned by the Town of Wareham under Chapter 40B. MassHousing provided planning assistance to the Town of Wareham leading to the redevelopment and transformation of the site, which had sat vacant for decades.
The MassHousing Team behind the Littleton Drive project
Left to right: Derek Mendes, Kimberly Leone, Tom Fitzmaurice, John Drew, Emily Loomis, Josiah Madar, Avery Riggs, Bill Dunn
(not pictured are Kelly Johnson, Dave Harraghy, Jessica Whitten)
Homeownership
MassHousing helps low- and moderate- income, first time homebuyers by providing affordable home mortgage loans, down payment assistance and mortgage insurance. We partner with more than 80 community banks, credit unions and mortgage companies to originate the loans on our behalf. Borrowers then make their monthly payments to us.
Mass DREAMS (Delivering Real Equity and Mortgage Stability) was a grant program for first-time homebuyers. In fiscal year 2023, MassHousing provided $37.4 million in DREAMS grants to 1,140 first time homebuyers who purchased a home with an affordable MassHousing loan. 54% of the grant awards went to Black, Indigenous and People of Color (BIPOC) homebuyers, and 75% of awards went to borrowers with incomes at or below 100% of AMI.
Throughout fiscal year 2023, MassHousing continued to award funds from the Massachusetts Homeowner Assistance Fund (HAF) to help bring homeowners current on their mortgage loans if they were at least three months behind on payments due to a COVID hardship, and if they met program eligibility requirements. Since the program began in late 2021 MassHousing made 990 awards totaling $16.4 million to low- and moderate-income MassHousing borrowers who, without the funds, may have faced foreclosure.
“I cannot begin to express how grateful I am for you trying to help me out by introducing the HAF program. I am experiencing a very difficult situation since my job loss and didn’t know how I was going to get back on top, but look what God just did! Amen.” - Jocelyne
$697.2m
in total financing for homeownership
2,197
1st mortgage loans
1,140
MassDREAMS grants for $37.4m
63%
of homebuyers earned ≤100% of area median income
24,614
loans serviced with an outstanding balance of $3.75 billion
(as of June 30, 2023)
49%
of homebuyers self-identified as persons of color
863
awards through Massachusetts Homeowner Assistance Fund (Mass HAF) for $14.9 million
Aliesha Porcena, Boston
Aliesha began with a homebuyer education class and credit workshop through Nuestra Comunidad. She then connected with a loan officer at Eastern Bank, who helped Aliesha get pre-approved for a MassHousing Mortgage loan with Down Payment Assistance.
"Because of the down payment assistance program, I had access to more homes across Boston. I am incredibly proud to be a homeowner, and what I have accomplished thus far."
Arlyce & David, Brockton
Arlyce and David were outbid three times, but a MassDREAMS grant proved to be a difference-maker for the family, who had been renting in Boston. They obtained a MassHousing loan and a DREAMS grant from Fairway Independent Mortgage to buy their first home in Brockton.
“MassDREAMS was a tremendous help to us. I'm not sure how far we would've gotten without it. I am so happy to have a home for my kids to come home to and extremely grateful."
Gabriella and Abelardo, Haverhill
Gabriella and Abelardo built up their savings and improved their credit, but they thought they were still months away from buying a home. But Natalia Berbesi, at Salem Five told the couple about MassHousing’s affordable mortgage loans and down payment assistance, along with the MassDREAMS grant program. They were approved for a loan and a grant and were able to buy their Haverhill home much sooner than they thought.
"MassDREAMS is just the kind of help needed for families like ours to be able to buy a house."
The MassHousing Teams behind the home ownership programs
Production
From left, Angelo Nuby, Richard Petisce, Lisa Fiandaca, Oneida Fuentes, Nicholas O’Donnell, Nieves Gomez and Goretti Joaquim.
Servicing
Harry Cenat, Thomas Glavin, Eddie Cartagena, Anthony Raines, Kara Sullivan, Adam Krings, Michelle Kelly, Wendy Sosa, Mary Magliozzi, Robert Davis, Sabrina Mahmood, Jaclyn Kelly, Mary Coughlin and Kimahri Testamark
Operations
Lance McGrath, Alison Haskins, Alexander Burbine, Yolanda Ortega-Velez, Susan Richard, Anna DeBurgo, Kathleen Holt, Stephen Payson, Calvin Ratcliffe, Pamela Balboni, Deanna Ramsden, Jeremy Meneses, Samuel Juergens and Susan Sheffer.
Saige on Fountain | Roxbury, MA
MassHousing provided a $5 million grant from its CommonWealth Builder Program - which is the Commonwealth’s subsidy program designed to reduce the racial home ownership gap – to Oxbow URBAN to build Saige on Fountain in Roxbury, a new, affordable home ownership development with 40 for-sale units. Half of the homes were priced to be affordable to buyers with incomes at or below 80% of area median income. Saige on Fountain’s units were priced between $164,800 (for a studio) and $356,100 (for a 3-bedroom).
Visit the Saige on Fountain website
Team behind Saige
Somala Diby, TLee Development; Phaedra Udor, Oxbow Urban; Denisha McDonald, Our Village Initiative; Kathleen Evans, Simeone Montrond and Beverly Estes-Smargiassi, MassHousing; Kevin Maguire, Oxbow Urban; and Sebastian Zapata, MassHousing.
Housing Stability
The Housing Stability Department leverages collaborations, training, programming, and investments to promote positive tenancies, reduce evictions, and advance opportunities for residents in MassHousing financed properties and households with low incomes across the Commonwealth, with an emphasis on individuals and families with disabilities.
434
households averted from homelessness through the Tenancy Preservation Program
304
sites operated by 60 management companies enrolled in the Tenant Assistance Program
85
affordable units were made available through the DMH/DDS Set-Aside and 3% Priority programs
11,044
participants in education, wellness, and arts and culture programming
43
training opportunities for 2,265 registrants
217
youth supported from MassHousing financed properties in summer youth employment and early career exploration
Property management companies that enroll in MassHousing’s Tenant Assistance Program (TAP) can access dozens of programs for their residents.
Mandela Homes
A magic show kept young people at Mandela Homes in Boston entertained on a summer afternoon. The program was made possible through MassHousing’s resident programming from the Housing Stability Team.
Kurlat House in Brighton
A resident at Kurlat House in Brighton enjoys a recent performance by Music Journey - Songs Around the World made possible by MassHousing’s Housing Stability Department.
Meet the team
Jenni McKool, Rachel Carlson, Sarah Hall, Sebastian Zapata, Emily Loomis, Carol McIver, Avery Riggs, Megan Phillips, Danielle McCarthy, Paul O'Leary, Daniel Barbanell, Kristin Olsen, Colleen Kelley, Andrea Laing, Amelia Cruz McDonough
Housing Stability Team
Left to right: Gloria Brand, Helena Padellaro, Carol St. Cyr, Libby Hayes, Linda McMahan, Kelly Hetrick and David Eng (not pictured: Kara Pillsbury Johnson and Denise Green)
Community Revitalization
MassHousing offers a number of grants, technical assistance and other programs that support our mission of confronting the housing challenges facing Massachusetts to improve the lives of its people. Some of these programs are funded by MassHousing, and others by the Commonwealth. They include:
Neighborhood Stabilization Program
Grants to address disinvestment and blight
Gateway Housing
Rehab Program
Grants to repair or convert 1-4 unit properties in Gateway and similar cities
Fire Sprinkler System Program (FSSP)
One-time grants to MASH-Certified Sober Homes
Center for Community Recovery Innovations, Inc.
Grants to create and preserve affordable, substance-free housing
The Neighborhood Hub
Technical assistance to repair and renew neighborhoods
Neighborhood Stabilization Program (NSP)
$8.1m
(11 awards) to create or rehabilitate 56 homeownership and rental units (24 new HO units; 4 HO rehab units; 28 rehab rental units) in 10 communities.
$12.7m
awarded to support the construction or substantial rehabilitation of 87 homes, including 46 new homeownership opportunities for lower-income first-time homebuyers since the launch of NSP in 2022.
Center for Community Recovery Innovations, Inc.
$254,832
(7 grants) to create 8 new and preserve 32 existing units of affordable, sober housing in four communities
Fire Sprinkler System Program (FSSP)
$1.1m
in grants committed to 17 MASH-certified sober homes in nine communities
Gateway Housing Rehabilitation Program (GHRP)
$2.2m
awarded to six rental projects with 19 units
and one homeownership project
in four communities.
Lower Winter Street
A $75,000 grant from MassHousing’s Center for Community Recovery Innovations (CCRI) supported the Lower Winter Street Apartments in Quincy, a new 18 single-room occupancy (SRO) development with permanent supportive housing for individuals who have experienced homelessness. The project sponsor is NeighborWorks Housing Solutions
CEO, NeighborWorks Housing Solutions.
“MassHousing has been a strong supporter for years, and most recently worked with us to help make this development for homeless individuals possible. MassHousing helps us fulfill our mission to rebuild communities and lives in our service area.”
MassHousing’s Nichole Mikshenas (left) administers the Center for Community Recovery Innovations. She is pictured at Lower Winter Street Apartments with Maureen Fitzgerald of NeighborWorks and State Senator John Keenan.
Habitat for Humanity Home, Fitchburg
Photo courtesy of North Central Mass. Habitat for Humanity
This new single-family home is under construction in Fitchburg thanks to a $143,727 Neighborhood Stabilization Program (NSP) award from MassHousing to Habitat for Humanity of North Central Massachusetts.
The NSP helps to address blight, abandonment, and disinvestment in residential neighborhoods by providing municipalities and nonprofit developers with grants for the construction, reconstruction, renovation or repair of substandard rental and homeownership properties.
Financials
FY 2023 was a very active year for Finance. MassHousing issued approximately $1.1 billion of debt for the financing of affordable home mortgage loans and rental housing preservation and construction; the second highest annual issuance volume over the past 20 years.
This level of bond financing also enabled the Agency to further exceed its five-year goal for the issuance of environmental, social, and governance (ESG) bonds.
Equitable Business Development
MassHousing's Equitable Business Development Division works to advance and foster equitable business growth across the Agency. The Division represents a reaffirmation of MassHousing’s longstanding commitment to promote diversity, equity, inclusion and access in all aspects of our work.
Emerging Developers Listening Tour
In FY 2023, Equitable Business Development (in partnership with the Mel King Institute for Community Building and the Builders of Color Coalition) conducted a statewide listening tour, with five regional sessions that identified opportunities, disparities, and solutions to increase Black, Indigenous and People of Color (BIPOC) developer participation in the Commonwealth’s affordable housing ecosystem.
Edison Ribeiro, ERISE Builders
ERISE Builders is a certified Minority Business Enterprise established in 2018 by Dorchester native and Madison Park High School alumnus Edison Ribeiro. Initially focused on residential renovation projects, ERISE's scope has expanded to include commercial, affordable housing and social impact initiatives. The opportunity to contribute to the renovation of the 78-unit Bancroft Dixwell Apartments in Roxbury and Jamaica Plain has reaffirmed Mr. Ribeiro's vision for his firm.
"We're highly interested in pursuing more projects of this nature," he said. "My primary goal is to position ERISE Builders as a preferred general contractor for larger-scale projects."
MassHousing provided $35.3 million in financing to help developer Urban Edge extend affordability and support extensive renovations at Bancroft Dixwell. Through the Agency’s Diverse Business Engagement Division, MassHousing works with developers, general contractors and property owners to achieve ambitious goals for participation by diverse businesses.
Bancroft Dixwell's general contractor, NEI Construction has demonstrated a steadfast commitment to fostering access and opportunities. $9.1 million of the $14.4 million in renovations has been spent with the 13 diverse business subcontractors working on the project.
"Working alongside NEI has been an invaluable experience,” Mr. Ribeiro added. “This project presented a significant learning curve, but their guidance has been unwavering, assisting us through every step of the process."
Meet the team
Equitable Business Development Team
From left to right are: Leah Grannum, Tony Richards, Lizzie Torres, Monique Gibbs and Beverly Estes-Smargiassi.
Diverse Business Engagement Team
From left to right are James Fortune, Andrea Laing and Kenneth Beckles
Behind the Mission
People Behind the Mission
There are hundreds of MassHousing staff members who make our work possible. Not all are in the spotlight, but the efforts of each
and every one are critical to our work.
Here are just some of our colleagues with some thoughts about our work.
Jennifer Rajala
Senior Human Resources Generalist
“There is nothing more satisfying and gratifying than knowing that the work I do each day, ultimately results in an individual or family achieving their dream of living in a place they can call home.”
Hernando Romero
Administrative Services Coordinator
“I consider myself fortunate to work for an agency that is bringing together government and private interests to address this very critical issue of providing more affordable housing.”
Avery Riggs
Associate Attorney, Legal
“MassHousing has given me a chance to make a difference in the Commonwealth through the numerous impactful projects I have been a part of. I could not think of a better place to work.”
Annette Chasteen
Technical Assistant, Home Ownership
“MassHousing’s mission to fulfill dreams and make a difference is a beautiful thing. Thank you, MassHousing for a wonderful and rewarding career doing what I love - helping my team and people.”
Kirti Kyab
Rental Management
"It’s the combination of mission, benefits, and communal spirit of colleagues that keeps me inspired and engaged at MassHousing. I feel blessed to be working here.“
Deanna Ramsden
Manager of Federal and State Appropriated Home Mortgage Programs
“What I like most is that MassHousing has always stayed true to its mission. There are always new initiatives to help residents of Massachusetts overcome the challenges of becoming a homeowner.”
Simone Ward
Internal Auditor
“It has always been important for me to work for an organization where I believe in the mission. I am proud of the work we do!”
Janel Mahon
IT System Analyst
“I like knowing that my work supports a mission that directly impacts our community for the better.”
Nicole Motroni
Accounting Operations Analyst
"Working for MassHousing provides me the opportunity to engage with all departments in the organization, ensuring accuracy with their vendor payments and employee reimbursements. I also protect the cash for no over overpayments! I like that I have established trust and this helps us follow through on our mission! I also enjoy the work life balance."
Chief Executive Officer
Chief Financial & Administrative Officer
General Counsel
Vice President of Homeownership Programs
Vice President of Talent and Culture
Vice President of Equitable Business Development
Vice President of Multifamily Programs
CHAIR Jeanne Pinado Executive Vice President Colliers | Kaitlyn Connors (Designee of Matthew J. Gorzkowicz) Assistant Secretary Executive Office for Administration & Finance Commonwealth of Massachusetts | Thomas J. Flynn General Secretary-Treasurer & Joiners of America |
VICE CHAIR Carolina Avellaneda Chief Strategy Officer University of Massachusetts | Herby Duverné CEO at Windwalker Group Founder and Partner at RISE | Patricia A. McArdle, Esq. Patricia A. McArdle & Associates PC |
Edward M. Augustus Secretary Executive Office of Housing and Livable Communities Commonwealth of Massachusetts | Jerald Feldman Real Estate Developer (Retired) | Carmen Panacopoulos Senior Business Strategy Manager Regional & Community Outreach Federal Reserve Bank of Boston |
One Beacon St. Boston, MA 02108
TEL: 617-854-1000
Relay: 711