Mayor Bowser and DC Housing Finance Agency Announce New Mortgage Assistance Program for Furloughed Federal Employees
Today, as the partial federal government shutdown extends into its second month, Mayor Bowser and the DC Housing Finance Agency (DCHFA) have announced a new program to provide mortgage assistance to District homeowners who are furloughed federal government employees. Through the District of Columbia Mortgage Assistance Program (DC MAP), financial assistance will be made available to qualified homeowners in the form of a zero-interest, recourse loan. DCHFA has allocated $9,000,000 for DC MAP and qualified homeowners will be able to receive up to $5,000 a month.
MassHousing Provides $50 Million for the Refinancing and Renovation of the 489-Unit Chestnut Park Apartments in Springfield
MassHousing is providing $50 million in affordable housing financing to Related Companies, to refinance and renovate the Chestnut Park Apartments in downtown Springfield. The MassHousing financing will allow Related to preserve affordability at the 489-unit housing community, while making a significant capital investment in the property. As part of the transaction, Related will create 77 workforce housing units that will be affordable to moderate-income households.
In calendar year 2018, the Wisconsin Housing and Economic Development Authority (WHEDA) provided mortgages to 3,918 individuals and families totaling $497.6 million. This is the best WHEDA single family lending volume since 2007, just before the housing crisis hit in 2008. “This is an amazing accomplishment,” said WHEDA Single Family Director David Rouse.
The U.S. Department of Housing and Urban Development’s (HUD) National Servicing Center has ranked the North Dakota Housing Finance Agency (NDHFA) as a Tier 1 Federal Housing Administration (FHA) loan servicer for FY 2018. A state agency, NDHFA provides first-time buyers with purchase assistance including loan guarantees that allow low- to moderate-income borrowers with low down payments to achieve homeownership.
After four successful years leading RIHousing, Barbara Fields today announced she will be stepping down as Executive Director of the state’s housing finance corporation. Fields will continue in her role as Chief Executive Officer and Executive Director until her contract expires March 1. “Barbara Fields has had a decades long commitment to Rhode Island and to the complex housing and homelessness challenges we face,” said Governor Raimondo.
Chinatown Housing Community Will See Extension of Affordability, Renovations Resulting From $9.1 Million in MassHousing Financing
MassHousing has closed on $9.1 million in financing to the Chinese Economic Development Council (CEDC), for the preservation of Oxford Place in Chinatown. As a result of the transaction, CEDC has extended the Section 8 Housing Assistance Payment contract at the 39-unit property for 20 years.
In December, the Wisconsin Housing and Economic Development Authority (WHEDA) issued a $148 million Housing Revenue Bond to finance rental housing developments currently in its loan closing pipeline. The bond issuance is expected to help finance 10 developments that will provide 1,156 units of affordable rental housing throughout Wisconsin.
A new affordable 40-unit supportive housing complex celebrated its opening today joined by New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman, local officials, and representatives of The Alpert Group and the Housing Development Corporation of Bergen County, the project’s co-developers.
Executive Director Maura Collins announced that Vermont Housing Finance Agency (VHFA) has hired Seth Leonard of Winooski for the newly created position of Managing Director of Community Development. Leonard comes to VHFA from the USDA Office of Rural Development, where he served as Housing Program Director for Vermont and New Hampshire. Prior to that, Leonard worked at VHFA for four years as Homeownership Outreach Coordinator.
North Dakota Housing Finance Agency (NDHFA) has been awarded a $102,345 U.S. Department of Housing and Urban Development (HUD) housing counseling grant for fiscal year 2018. “Housing counseling grants support programs that educate first-time home buyers, help individuals and families secure affordable rental housing, and offer financial literacy training,” said Jolene Kline, NDHFA executive director.