Local Subsidy; Limit on State Resources. Commitment of a local subsidy and/or other
development support in some form from the applicable municipality is required. MassHousing
does not anticipate that Restricted CWB Units will rely on any other state subsidies or resources,
such as subordinate financing under the Affordable Housing Trust or other Division of Housing
and Community Development (DHCD) loan programs.
12. Project Team. The project team must meet the following requirements:
i. Have a history of developing a least one project of similar scale,
ii. Be in good standing with MassHousing and its quasi-public affiliates,
iii. Demonstrate financial capacity that meets MassHousing’s equity and working capital
iv. Include staff or contractor with substantial and successful experience in managing all
NOTE: Projects in the City of Boston may also need approval from DND.
13. Design. Design of the proposed project will be reviewed by MassHousing. Schematic design level
drawings and preliminary specifications will be required at application, and permit set will be
required prior to execution of the grant agreement.
14. Preferences. Preferences for program funding will be given to
i. mixed-income projects;
ii. projects that include Restricted CWB Units restricted at 70% AMI;
iii. projects that request less than $150,000 per restricted workforce homeownership unit;
and v. projects with a design that incorporates creative energy efficiency and sustainability
15. Marketing and Sale Diligence. The project’s affirmative fair housing marketing plan, marketing
program, and lottery and waitlist program must be in accordance with the standards established
by DHCD and will be subject to MassHousing’s review and approval.
16. Cost Savings. If the actual costs of the project construction and/or rehabilitation set forth in
the cost certification approved by MassHousing are less than the estimated costs in the
development budget submitted to MassHousing, MassHousing shall reduce (or the Developer
shall repay) program funding for the project in an amount mutually agreeable to MassHousing
and the Developer.
17. Inclusionary Units. Units required for inclusionary zoning purposes, or other local ordinances
are not eligible for this subsidy.
18. Application Fee. $7,500 (non-refundable).
19. Approval of Condominium Documents. For condominium projects, the condominium
documents will be subject to MassHousing’s approval.