MHP provides affordable housing solutions with Fannie Mae

MHP is committed to creating financing solutions for developers of affordable housing. Executing Fannie Mae Multifamily Affordable Housing (MAH) loans is one way we continue our mission.

Developers of multifamily affordable housing developments can

• acquire new properties

• refinance properties

• get construction financing with long-term lending at competitive rates

Properties with a minimum of 20 percent of the units affordable to households at or below 80 percent AMI may qualify for a Special Public Purpose designation, which offers pricing benefits over conventional terms. Read more on MHP’s rental finance interest rates.

To date, MHP has closed more than $251 million in long-term financing through Fannie Mae. MHP's track record in providing these loans for a variety of sponsors is proven and consistent. In 2023, MHP financed a unique MBS as Tax-Exempt Collateral $32.1 million execution for Preservation of Affordable Housing’s historic preservation effort, Salem Heights. In 2024, MHP financed two developments through Fannie Mae, The Wright in Waltham and Riverside Commons in Fitchburg.

The Point at Waltham

Executed with a Fannie Mae MBS, MHP closed on a $59,150,000 first mortgage permanent loan to Pantzer Properties for the acquisition of The Wright, a luxury-style Class A residential development in Waltham. Now known as The Point at Waltham, this apartment complex was developed under a 40B Comprehensive Permit for which MHP served as the subsidizing agency.

Of the 195 units, 12 units are affordable to households at or below 60 percent AMI and 37 units are affordable to households at or below 80 percent AMI. The development is amenity-rich, offering a courtyard with pool, co-working spaces, a fitness center, community lounges, complementary shuttles to the MBTA, and a pet washing station. MHP financed The Point as an interest-only transaction with a five-year term and 35-year amortization.

Riverside Commons, Fitchburg

MHP closed on a $12,700,000 first mortgage permanent loan through a Fannie Mae MBS, supporting the refinance of MDP Development’s Riverside Commons. Located in Fitchburg, Riverside Commons is the adaptive reuse of a historic mill building into residential and commercial developments under Chapter 40R.

Of the 186 units, 38 are affordable to households at or below 65 percent AMI. MHP provided the financing for this important preservation effort with a 12-year term and 30-year amortization.

Read more about our loan programs.

For more information about MHP’s Fannie Mae program and offerings, contact MHP Director of Business Development Nancy McCafferty or MHP Senior Relationship Manager Alma Balonon-Rosen.