MassHousing

What MassHousing does

MassHousing (legally the Massachusetts Housing Finance Agency) is an independent, quasi-public state agency chartered by the Commonwealth of Massachusetts in 1966 to finance affordable housing. The agency raises capital exclusively through tax-exempt and taxable bond issuances — it does not use taxpayer dollars for its own operations — and on-lends proceeds to three primary counterparty groups: (1) low- and moderate-income homebuyers and homeowners via a network of approved MAP lenders and direct programs; (2) developers building or preserving affordable and mixed-income rental housing via direct multifamily lending; and (3) municipal and community partners through technical assistance and grant programs. Since inception, MassHousing has provided more than $24.3 billion in financing and currently holds approximately $4.3 billion in outstanding multifamily debt across 449 developments and roughly 55,000 units.

The agency's product portfolio spans a dozen-plus programs organized into three layers. The homeownership layer includes MassHousing mortgages, MI Plus mortgage insurance, Down Payment Assistance (up to $30,000), Energy Saver Home Loans, the CommonWealth Builder program targeting homeownership for people of color in Gateway Cities, and the newly launched ADU Loan Program ($250,000 fixed-rate second mortgages at 5.25%). The rental/developer layer includes construction and permanent financing, workforce housing funds (61-120% AMI), preservation/refinance lending, the Affordable Housing Trust Fund, and Climate Ready Housing, supplemented by programs like the Common Pre-Application that centralizes renter access. The community/municipal layer includes the Massachusetts Community Climate Bank (a decarbonization initiative MassHousing administers), Chapter 40B administration, the Neighborhood Hub (up to $200,000 in grants), and the Gateway Housing Rehab Program.

MassHousing's business model is fundamentally a self-sustaining bond-funded revolving credit platform. Net interest margin between bond funding cost and loan yield, plus origination and asset management fees, covers operating costs. The agency has 251-500 employees, is headquartered at One Beacon St., Boston, and reaches customers through a digital platform (masshousing.com, My MassHousing Account, the rental business portal) and physical outreach (lender network, developer partnerships, homebuyer education, community events). Its primary customer segments are Massachusetts low- and moderate-income homebuyers, affordable rental developers (WinnCompanies, Beacon Communities, Trinity Financial, POAH, etc.), and Gateway City municipalities. The agency is governed by a board and led by Executive Director Chrystal Kornegay.

Name

MassHousing

Legal name

Massachusetts Housing Finance Agency

Website

https://masshousing.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

251–500 employees

Short description

MassHousing is an independent quasi-public Massachusetts state agency, chartered in 1966, that raises capital through bond issuances to finance affordable homeownership, multifamily rental housing, and community development programs for low- and moderate-income residents across the Commonwealth.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (925110), Administration of Housing Programs, Urban Planning, and Community Development (9251), Administration of Housing Programs (92511)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

State & Local Housing Finance Agencies (HFAs) (FSALAKAA)

akta.pro secondary industries

Mortgage Revenue Bond (MRB) & Public Housing Bond Programs (FSALAKAG), Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing) (BPAIANAA), Government-Backed CRE Lending (FHA/HUD/USDA) (FSALADAE), Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Housing Voucher & Rental Assistance Programs (Tenant-Based/Project-Based) (FSALAKAI)

Keywords

• Affordable housing finance
• Multifamily lending
• Mortgage loans
• Rental development financing
• Down payment assistance

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Bond Issuance and Lending: MassHousing raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. The agency does not use taxpayer dollars to sustain its operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

MassHousing (the Massachusetts Housing Finance Agency) raises capital by issuing bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and mixed-income rental housing in Massachusetts. The agency also administers state programs such as Chapter 40B, the Affordable Housing Trust Fund, the CommonWealth Builder program, the Workforce Housing Initiative, and the Massachusetts Community Climate Bank.

Product overview

MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency that provides financing for affordable housing in Massachusetts. The agency operates as a platform offering multiple interconnected products: core mortgage lending products for homebuyers (including down payment assistance and MI Plus insurance), multifamily rental housing financing for developers, and specialized programs like the CommonWealth Builder and Workforce Housing Initiatives for moderate-income households. Supporting programs include the Massachusetts Community Climate Bank for decarbonization, Chapter 40B administration for regional planning, the Planning for Housing Production technical assistance grants, the Neighborhood Hub for community revitalization, and the Gateway Housing Rehab Program for blighted property renovation. The agency also offers ADU loans, Energy Saver home improvement loans, Operation Welcome Home for military members, and a Common Pre-Application system for renters. MassHousing does not use taxpayer dollars for operations and has provided over $24.3 billion for affordable housing since its inception.

Differentiator

Problem solved

Functional benefit

Brands

• Massachusetts Community Climate Bank: A climate bank initiative providing financing for decarbonization and energy efficiency improvements in affordable housing.
• CommonWealth Builder
• Gateway Housing Rehabilitation Program
• Workforce Housing Initiative

Products and services

• Home Mortgage Loans Affordable mortgage financing for low- and moderate-income homebuyers in Massachusetts, including conventional and government-backed loan products.
• Down Payment Assistance Down payment assistance program providing up to $30,000 in support for first-time homebuyers to make homeownership more accessible across every city and town in Massachusetts.
• MI Plus (Mortgage Insurance Plus) Mortgage insurance product providing benefits that help homeowners manage their mortgage payments during times of financial hardship.
• CommonWealth Builder Program Financing program for the development of affordable for-sale housing units, with a focus on expanding homeownership opportunities for people of color in Massachusetts Gateway Cities.
• Workforce Housing Initiative Financing program supporting the creation of housing affordable to middle-income households, targeting those earning 61-120% of area median income.
• Rental Housing Financing Multifamily financing for developers to build, preserve, and refinance affordable and mixed-income rental housing developments across Massachusetts.
• Massachusetts Community Climate Bank Climate-focused financing initiative providing funding to decarbonize affordable housing, eliminate fossil-fuel usage, and support energy efficiency improvements.
• ADU Loan Program Fixed-rate second mortgages of up to $250,000 for eligible homeowners to construct accessory dwelling units, offered at 5.25% interest rate with income limits up to 135% of area median income.
• Energy Saver Home Loan Home improvement loan program for energy efficiency improvements, helping homeowners make energy-saving upgrades to their properties.
• Chapter 40B Administration State program administration for Massachusetts regional planning law that promotes housing growth through streamlined permitting for affordable housing projects.
• Neighborhood Hub Technical assistance grant program supporting neighborhood revitalization in Massachusetts Gateway Cities, providing up to $200,000 for comprehensive community projects over three years.
• Operation Welcome Home Housing program for members of the National Guard and Reserves to access affordable homeownership opportunities.
• Common Pre-Application Centralized pre-application system allowing renters to apply for multiple affordable housing opportunities through a single application.

Quantifiable outcome

• Over 70,000 units produced under Chapter 40B, with over 35,000 units restricted to households earning less than 80% AMI
• +2 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core and primary.

• Massachusetts Housing PartnershipcoreStrategic or Co-development Partner · 17 March 2026MassHousing borrowers may access the Massachusetts Housing Partnership's $10 million technical assistance program for predevelopment activities under the ADU loan program.
• MPZ Development LLCprimaryStrategic or Co-development PartnerMPZ Development LLC partnered with Capstone Communities LLC and Peabody Properties on the Baldwinville School Apartments project in Templeton, MA - a 54-unit affordable rental development representing the first multifamily development permitted in Templeton in over 25 years.
• Capstone Communities LLCprimaryStrategic or Co-development PartnerCapstone Communities LLC collaborated with MPZ Development LLC and Peabody Properties on the Baldwinville School Apartments - converting the historic Baldwinville Elementary School into 54 rental apartments.
• Massachusetts Community Climate BankcoreStrategic or Co-development PartnerMassHousing administers the Massachusetts Community Climate Bank, providing $13M of $25.4M total funding to decarbonize 110 affordable housing units through projects in Easthampton and Boston.
• WinnCompaniesprimaryStrategic or Co-development PartnerWinnCompanies co-developed The Watson with NeighborWorks Housing Solutions - a 140-unit mixed income rental property in Quincy with 86 workforce housing units.
• NeighborWorks Housing SolutionsprimaryStrategic or Co-development PartnerNeighborWorks Housing Solutions co-developed The Watson with WinnCompanies, providing 140-unit mixed income housing with workforce units.
• Neighborhood of Affordable HousingcoreStrategic or Co-development PartnerNeighborhood of Affordable Housing developed Stevens Corner in North Andover with $985,000 from MassHousing via the Affordable Housing Trust Fund.
• Corcoran ManagementcoreChannel Partner/ Reseller/ DistributorCorcoran Management manages Stevens Corner apartments in North Andover and facilitated accessible housing for the Mauro family.
• UHM PropertiescoreChannel Partner/ Reseller/ DistributorUHM Properties manages 10 affordable housing communities in MassHousing's portfolio involving more than a thousand units and more than $42.7 million in MassHousing financing since 2003.
• Trinity FinancialprimaryStrategic or Co-development PartnerTrinity Financial redeveloped Van Brodie Mill in Lawrence into a 102-unit affordable rental community with $17.1 million in MassHousing financing.
• Beacon CommunitiesprimaryStrategic or Co-development PartnerBeacon Communities developed 140 Clarendon in Boston's Back Bay - a 210-unit affordable supportive housing community with $58 million in MassHousing financing.
• Massachusetts Housing Partnership (MHP)coreStrategic or Co-development PartnerMHP coordinates Chapter 40B technical assistance efforts on behalf of the state's subsidizing agencies including MassHousing.
• MassDevelopmentcoreStrategic or Co-development PartnerMassDevelopment collaborates with MassHousing on The Neighborhood Hub technical assistance grant program for community revitalization.
• Massachusetts Association of Community Development Corporations (MACDC)coreStrategic or Co-development PartnerMACDC partners with MassHousing on The Neighborhood Hub program supporting neighborhood revitalization in Massachusetts communities.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• U.S. Department of Housing and Urban Development (HUD): HUD administers federal affordable housing programs (Section 8, FHA multifamily insurance, HOME funds) that MassHousing's programs complement and leverage — a broader federal incumbent shaping the same affordable housing policy and funding environment.
• Fannie Mae: Fannie Mae is a federally-sponsored enterprise that purchases and securitizes mortgages including affordable housing loans, providing a secondary market that MassHousing's bonds feed into — a broader incumbent in the housing finance ecosystem.

Direct peers

• Maine State Housing Authority (MaineHousing): MaineHousing is Maine's housing finance agency, offering mortgage loans, rental housing development financing, and Section 8 administration — directly comparable in scale, scope, and mission to MassHousing.
• New Hampshire Housing Finance Authority: New Hampshire Housing provides single-family mortgages, multifamily financing, and homebuyer education in New Hampshire — a directly comparable New England state HFA peer.
• Connecticut Housing Finance Authority (CHFA): CHFA is a quasi-public state housing finance agency in Connecticut offering mortgage loans, multifamily financing, and down payment assistance — directly parallel to MassHousing's mandate and product mix in a neighboring New England state.
• Massachusetts Housing Partnership (MHP): MHP is a Massachusetts-based quasi-public housing nonprofit that provides financing, technical assistance, and Chapter 40B coordination alongside MassHousing — overlapping mission and partner network within the same state.
• Rhode Island Housing: Rhode Island Housing is the state's housing finance agency offering homebuyer mortgages, rental development financing, and affordable housing programs — structurally identical to MassHousing in a regional peer state.
• California Housing Finance Agency (CalHFA): CalHFA is California's state housing finance agency providing single-family mortgages, multifamily lending, and down payment assistance — the largest U.S. state HFA and a directly comparable peer in mandate and product structure.
• New York State Homes and Community Renewal (HCR): HCR is New York's housing finance and development agency offering multifamily financing, affordable housing programs, and homeownership assistance — a directly comparable large-state HFA peer.
• Vermont Housing Finance Agency (VHFA): VHFA provides mortgage financing, multifamily loans, and affordable housing programs for Vermont — a directly parallel small-state HFA peer with a similar product portfolio and bond-funded model.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MassHousing
• YouTubeyoutube.com/user/masshousingvideo
• Facebookfacebook.com/67382842433
• LinkedInlinkedin.com/company/masshousing
• Instagraminstagram.com/mass.housing

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MassHousing