At the heart of MHP is vision and its quest to find new solutions to address the need for affordable housing.
MHP was founded in 1985 to challenge the usual ways of building affordable housing. In 1990, the state legislature took that premise one step further, becoming the first and only state in the nation to pass an interstate banking act that requires companies that acquire Massachusetts banks to make funds available to MHP for affordable housing.
Since 1990, MHP's one-of-a-kind loan pool has grown to over $1.1 billion. Through 2009, it has used these private-sector funds to provide over $643 million in low-interest, long-term loans and commitments for the financing of over 15,000 rental units.
MHP has been at the forefront of housing innovation, from helping to create the SoftSecond Loan Program for first-time homebuyers in 1991 to the Local Initiative Program (LIP), which gives cities and towns more flexibility in meeting their housing needs. MHP also created Perm Plus, a zero-percent, deferred payment second-mortgage program designed to help developers buy and fix properties and offer affordable rents. And in 1999, MHP established the 40B technical assistance program to help local zoning boards of appeal.
Since 1990, MHP's one-of-a-kind loan pool has grown to over $1.1 billion
Most recently, MHP has been focused on the foreclosure crisis and targeting properties in need of rehabilitation with CHI's Receivership program. MHP has also focused on tracking foreclosure statistics with our Foreclosure Monitor and has launched the Foundation for Growth research project to analyze how much housing Massachusetts needs to grow its economy and what strategies and policies are needed to achieve this growth. In late 2009, MHP was approved into Fannie Mae's select national network of multi-family affordable lenders thereby increasing MHP's borrowing capacity.
While pursuing new solutions, MHP has done the basics, supporting local housing initiatives in over 300 of the 351 cities and towns in the Commonwealth with early technical assistance, long-term financing or by supporting homeownership opportunities through the SoftSecond program.
The Vision section of this web site is dedicated to featuring the new ideas MHP is working or tracking, and to also show what's going on around the state with its daily summarizing and posting of housing news from local newspapers.