CommonWealth Builder funds will be made available for eligible homeownership projects in the
state located within (1) the City of Boston, (2) Gateway Cities, and/or (3) Qualified Census Tracts
(QCTs)2. CommonWealth Builder funding may not exceed $150,000 per each homeownership unit
that will be subject to the program restrictions and requirements (each, a “Restricted CWB Unit”),
with a per project maximum of $5 million.
Project funding will generally be provided as a grant to the single-purpose, sole-asset entity
undertaking the project (the “Developer”). MassHousing and the Developer will execute a grant
agreement, typically at construction closing, which will describe the Developer’s obligations and
provide forms of the affordability restriction (the “CWB Restriction”) and related documents that
will be required for the Restricted CWB Units. Grant proceeds will be disbursed in installments upon
the sale of the Restricted CWB Units to eligible first-time homebuyers.
In certain instances, MassHousing may allow earlier program funding for projects where
MassHousing and the local municipality have agreed to coordinate on construction funding and
administration; the structure and terms of such funding, including the grant agreement and related
documents, will be as established by the Executive Director or the Vice President of Multifamily
Programs, in consultation with the Project Advisory Committee