Relationship managers and underwriters continue to work remotely from home to originate, underwrite, commit and close loans. At a time when affordable housing has become more important than ever, we are pleased to be able to continue working with our owner and developer partners to create and preserve affordable rental housing.
MassHousing’s Board continues to meet remotely. At the April and May meetings, 9 transactions totaling $262 million were approved for apartment communities in Boston, Cambridge, Fall River, Attleboro, Quincy, Westfield, Haverhill and Brookline. Project sponsors included EAF Associates, POAH, Homeowner’s Rehab, Inc., Beacon Communities, PNC Bank, the Brookline Housing Authority and Affordable Housing and Services Collaborative.
We have financing supporting 44 developments with nearly 5,000 units that are in construction. Of those, 92% of the units will be affordable to lower income residents. Of the 44 properties in construction, 21 are less than 50% complete while 15 are more than 90% complete.
MassHousing’s Rental Management division is continuing to meet the needs of our residents, borrowers and property managers. Staff is working remotely and continues to be available through email and phone.
Our multifamily loan portfolio consists of $4.3 billion in outstanding debt, on 449 developments with approximately 55,000 units. In response to the passage of the federal CARES Act, we developed guidance for multifamily owners experiencing COVID-19-related operating issues. So far, we are in discussions with several owners.
Section 8 subsidy payments have been disbursed on schedule, resident concerns are being addressed, replacement reserve reimbursement requests are being processed and audits are being reviewed. While none of us can be certain about the impact of the virus, we know how deeply this type of challenge can alter lives and are working hard to minimize any impact.
We encourage all stakeholders to visit our websites for regular updates on our business.