Every year an estimated 10,000 Massachusetts children and families lack a permanent home, and more than 118,000 Bay State households pay more than 50% of their income towards rent and utilities. In 2003, to help address an unprecedented crisis in affordable housing for our state’s most vulnerable families, we became a founding partner of the Home Funders collaborative.
How it Works
Home Funders developed an innovative product to address this growing problem, pooling private dollars into low-interest loans and grants to build highly affordable housing. The funds are loaned to affordable housing projects through experienced housing finance intermediaries at exceptionally low interest rates for a range of predevelopment and development uses. In return for the below-market rates, developers commit to set aside at least 20% of the project’s units for extremely low income families.
Home Funders has since created more than
4,000 units of housing in 36 communities,
with more than 1,100 units for extremely low income families.
Three Newton Executive Park, Suite 104
2223 Washington Street, Newton, MA 02462