At the heart of MHP is vision; it was founded in 1985 to challenge the usual ways of building affordable housing. In 1990, the state legislature took this 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 FY2013, it has used these private-sector funds to provide over $969 million in low-interest, long-term loans and commitments for the financing of nearly 20,000 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. 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
More recently, MHP has helped cities use receivership to stabilize and rehabilitate distressed properties, has documented the need for zoning reform so the Commonwealth can build the housing it needs to support better job growth and has worked with the state Department of Housing and Community Development to develop data tools to evaluate the cost of developing and operating affordable housing. In 2013, MHP transitioned its SoftSecond Loan Program from a two-mortgage structure to ONE Mortgage, making it simpler for homebuyers and easier for lenders to administer.
As we continue to work on these and new priorities, we welcome your feedback. If you would like to know more, email MHP at email@example.com.