How it Works
Every year an estimated 10,000 Massachusetts children and families lack a permanent home, and more than 118,000 Bay State households pay more than 50% of their income towards rent and utilities. In 2003, to help address an unprecedented crisis in affordable housing for our state’s most vulnerable families, we became a founding partner of the Home Funders collaborative.
Home Funders developed an innovative product to address this growing problem, pooling private dollars into low-interest loans and grants to build highly affordable housing. The funds are loaned to affordable housing projects through experienced housing finance intermediaries at exceptionally low interest rates for a range of predevelopment and development uses. In return for the below-market rates, developers commit to set aside at least 20% of the project’s units for extremely low income families.
