Project Type. New construction and/or adaptive re-use. In addition to the Restricted CWB Units,
eligible projects may include market homeownership units, restricted and/or market rental
units, and/or ancillary commercial units.
2. Unit Type. Single-family homes or condominiums with professional management.
3. Single Site. The entire project must be on a single site.
4. Minimum Number of Units/Number of Subsidized Units per Project. In general, eligible
projects will be expected to meet minimum unit counts of at least
i. Fifteen (15) total project units for condominium developments of which the greater of
(i) 25% of the total homeownership units or (ii) ten (10) homeownership units must be
Restricted CWB Units, or
ii. Seven (7) total project units for fee simple developments.
5. Age Restriction. None allowed for Restricted CWB Units.
6. Targeted Affordability. The CommonWealth Builder subsidy will be available for
homeownership units restricted for sale to first-time homebuyer households with a household
income that does not exceed the specified affordability tier within the range of 70% to 120% of
AMI. A project may establish multiple affordability tiers for the Restricted CWB Units.
7. Affordability Restriction. The term of the CWB Restriction will be no more than fifteen (15)
NOTE: A Restricted CWB Unit may also be subject to additional affordability restrictions imposed
by any other subsidy program supporting the Restricted CWB Unit, provided the other
restrictions are not in conflict with the CWB Restriction. Such restrictions may have a longer
term than the CWB Restriction, subject to MassHousing’s approval.
8. Maximum Sales Prices for Restricted CWB Units. Sales prices will be set at levels affordable to
first-time homebuyers within the targeted affordability requirements.
9. Maximum Amount of Developer Overhead/Profit per Project. 10% and 10%.
NOTE: Where local restrictions are more stringent, those levels will apply.
10. Affordability Restriction and Other Program Documents. The Developer’s obligations will be set
forth in project documents as required by MassHousing. The restriction obligations will be set
forth in the CWB Restriction, which will include an affordable housing restriction deed rider
anda non-monetary mortgage securing the restriction obligations and other documents.
NOTE: Projects in the City of Boston that are undertaken pursuant to the joint initiative
MassHousing has established with the City will utilize a restrictive covenant modeled on the
City’s Department of Neighborhood Development’s (“DND”) Affordable Housing Covenant and