MHP offers a wide variety of loan products. Here's a summary, with links to term sheets and more information. If you have questions, contact Director of Lending David Rockwell (617-330-9944 x222)
Primary loan products
Fixed-rate permanent financing:
Our flagship program offers maturities up to 20 years with
amortizations up to 30 years. Competitive interest rates with flexible
Financing over $15 million: For loans over $15 million, we blend our underwriting expertise and $1 billion loan pool with Fannie Mae and other participating lenders to offer some of the best-priced financing available on more flexible terms. Term sheet and news release.
5+5: A low-interest 5-year loan product with a 30-year amortization schedule. Borrower can pay off loan after five years or elect to renew for another five. Term sheet
Tax-exempt financing: Through a program called MATCH, we provide triple-A credit enhancement for bonds, resulting in lower interest rates. We can also arrange for the direct placement of a bond issuance with one of our funding banks so that you can avoid the cost of a public offering. MATCH term sheet.
Additional financing support
Energy Performance Improvement Program: MHP will provide financing
of up to $15,000 per unit for energy improvements to affordable housing multi-family
property owners who have received first mortgage financing from MHP.
Web page. Term sheet. Guidelines. Statement of Interest.
Home Funders: This program combines MHP first-mortgage financing with a low-interest Home Funders second mortgage to help developers make more units affordable to lower-income families. Term sheet.
Housing Reserve Assurance Program (Housing RAP): We offer non-profit developers a way to earn more of their fee in cash by using MHP-provided credit enhancement to replace 80 percent (up to $500,000) of the cash-funded operating reserve required by tax credit investors. Term sheet and news release.
Neighborhood Rental Initiative: This program combines MHP first-mortgage permanent financing with additional MHP and DHCD financing to promote the development of affordable housing that offer high economic and educational opportunities. Summary of terms and news release.
NSLF: In neighborhoods hard-hit by foreclosure, the Neighborhood Stabilization Loan Fund provides short-term acquisition financing and interim rehabilitation financing to allow for properties to be resold to homebuyers or placed in a rental portfolio. Summary of terms.
Working capital credit lines: We can lend up to $500,000 in unsecured short-term debt to help cover nonprofit development costs. Term sheet.