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Record Year

Record Year
The spotlight may have been on luxury multifamily during the current boom, but the affordable sector is shining, too. (A little healthy sibling rivalry never hurt anyone.) In fact, MassHousing outdid its 46-year record by closing nearly $1B in deals during FY ’12 (which ended June 30) to develop, renovate, and finance affordable housing, the quasi-public authority announced yesterday.
Executive Director Tom Gleason
With exec director Tom Gleason leading the charge, MassHousing has disbursed $334M in financing to build six new properties  with 470 rental apartments and to preserve 2,698 apartments statewide. In its largest single deal, the self-sustaining agency (which eschews tax dollars) financed Preservation of Affordable Housing of Boston's acquisition of a $168M portfolio with 841 apartments from State Street Development. With 531 of the apartments in Boston, they could have become market rate, but a condition of the financing is that they remain affordable for the next 40 years. (And by that time everyone will live in zero-gravity, floating apartments anyway.) MassHousing’s $965.3M in fiscal-year ’12 lending was a 21% increase over last and beat its prior record in fiscal-year ’10 by 15%.
Reznick (Retail) MBOS
Related Topics: Tom Gleason