Commonwealth of Massachusetts
Citizens' Guide to State Services

Published by
William Francis Galvin
Secretary of the Commonwealth
Citizen Information Service

Housing/Community Development: Quasi-Public Affiliations

J16 Massachusetts Growth Capital Corporation

J17 Community Economic Development Assistance Corporation

J18 Massachusetts Housing Finance Agency

J19 Massachusetts Housing Partnership

J20 Massachusetts Development Finance Agency

J16 Massachusetts Growth Capital Corporation (MGCC)
529 Main Street, Suite 1M10
Charlestown, MA 02129
Tel: 617-523-6262
Fax: 617-523-7676

In 2010 the former Massachusetts Community Development Finance Corporation (CDFC) was merged along with Economic Stabilization Trust to the create the Massachusetts Growth Capital Corporation (MGCC), a quasi-public economic development agency, provides debt and equity financing for small business and real estate projects in targeted low-income and moderate-income communities throughout the Commonwealth. The Mission of the Massachusetts Growth Capital Corporation is to create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities.

J17 Community Economic Development Assistance Corporation (CEDAC)
One Center Plaza, Suite 350
Boston, MA 02108
Tel: 617-727-5944
Fax: 617-727-5990

CEDAC is an independent state agency created by the Legislature in 1978 to increase the amount of affordable housing and foster revitalization of economically distressed areas by providing a range of development assistance programs to nonprofit development corporation throughout the state. Programs include: Technical Assistance Advances which are low-interest loan to cover predevelopment costs, Front Money Loan which provide additional financing for pre-devlopment costs, Site Control Loans which allow nonprofit developers to secure privately-owned sites, Spot Technical Assistance which are expedited small loans allowing staff review rather than CEDAC board review, and the Child Care Capital Investment Fund which provides technical assistance and term loans to metro Boston area child care providers to finances facilities' related capital spending.

J18 Massachusetts Housing Finance Agency (MHFA / MassHousing)
One Beacon Street
Boston, MA 02108-3110
Tel: 617-854-1000
Toll Free: 1-800-882-1154
Videophone: 1-866-758-1435
Fax: 617-854-1029

MassHousing is a self-supporting state agency, which finances the construction, purchase, and rehabilitation of housing in Massachusetts. Loan programs designed to stimulate the construction of mixed-income rental housing, to assist in the preservation of the Commonwealth's existing housing stock, and to provide home ownership opportunities for low and moderate-income households are financed through the sale of tax-exempt securities. Subsidized apartments are subject to agency regulations governing household income and family size. Call MHFA for a list of developments. Through the Lead Paint Abatement Program, known as "Get the Lead Out", the MHFA will provide reduced rate loans to abate lead paint in private residences. The Homebuyer Counseling Program educates first-time buyers in the complexities of the home buying process and prepares them for the responsibilities of ownership. The, FreshRate program is designed to make home ownership a reality for families who have enough income to make payments but have not been able to set aside enough money for the down payment, is an affordable loan program for down payment and closing cost assistance to those who qualify. Various home improvement loans are available, such as: improving sewage disposal systems (including septic systems); enhancing basic living conditions, safety, or energy efficiency; and bringing a home up to standards required by state or local building codes. For all of these programs, homeowners must apply through the local rehabilitation agencies.

J19 Massachusetts Housing Partnership (MHP)
160 Federal Street
Boston, MA 02110
Tel: 617-330-9955
Toll Free: 1-877-MHP-FUND (647-3863)
Fax: 617-330-1919

The Massachusetts Housing Partnership is a statewide public non-profit affordable housing organization that works in concert with the Governor and the state Department of Housing and Community Development to help increase the supply of affordable housing in Massachusetts. MHP was established in 1985 to increase the state's overall rate of housing production and find creative new solutions to address the need for affordable housing. In 1990, the state legislature took that premise to heart, becoming the first and only state in the nation to pass an interstate banking act that requires companies that acquire Massachusetts banks to make funds available to MHP for affordable housing. MHP offers the ONE Mortgage Program, a first-time homebuyer program for low- and moderate-income borrowers. Additionally, MHP specializes in permanent financing solutions for multifamily rental housing. Our financing can be used for acquisition, acquisition and rehab, refinancing, and takeout of construction loans. Potential projects must be five units or more and loan amounts must exceed $250,000. MHP also administers the Soft Second Program which is a shallow interest rate subsidy that makes affordable first-time homeownership possible for low and moderate-income residents.

J20 Massachusetts Development Finance Agency (MassDevelopment)
99 High Street
Boston, MA 02110
Tel: 617-330-2000
Toll Free: 1-800-445-8030 (within Mass. only)

With the consolidation of the Massachusetts Government Land Bank and the Massachusetts Industrial Finance Agency, MassDevelopment is the Commonwealth's primary source of public financing for economic development projects. Criteria based assistance is offered for bonds, financing, tax credits, and grants in a wide variety of fields to businesses, non-profits, municipalities and developers. Regional office locations and further information on programs may be found by calling or visiting their website.

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