Rental Development

MHP helps affordable rental housing developers by providing long-term, fixed-rate financing at competitive interest rates.

MHP permanent financing can be used for acquisition, acquisition and rehab, refinancing, and takeout of construction loans. Potential projects must be five units or more and loan amounts must exceed $250,000. MHP seeks to offer superior pricing and flexible terms while maintaining an efficient underwriting and closing process. In order to manage MHP’s single loan exposure while supporting these goals, MHP sells participations in loans which exceed $15 million to carefully selected institutional lenders including Fannie Mae.

MHP provides permanent financing through two flagship programs - its Permanent Rental Financing Program and by offering tax exempt bond financing through its Massachusetts Tax Exempt Credit for Housing Program (MATCH). For the latest MHP interest rates, click here.

MHP's staff is experienced and understands all types of affordable housing finance. It has provided more permanent financing for properties developed with tax credits than any other lender in the state.

MHP also helps developers with construction and permanent financing by offering OneSource, which provides MHP permanent financing in concert with a loan from a construction lender, using one set of documents and one attorney. OneSource can be used for new construction or for existing housing that involves moderate or substantial renovation.

MHP's long-term, fixed-rate financing can be used for new production built through the Massachusetts Comprehensive Permit Law, more commonly known as Chapter 40B. MHP can issue Project Eligibility or Site Approval Letters, the first step developers need to take when seeking to build through a comprehensive permit.

For more information, call Director of Lending David Rockwell at 617-330-9944x222