Annual Report

Fiscal Year 2023

Message from the Chair and Executive Director

Jeanne Pinado


Chrystal Kornegay

Chief Executive Officer

On behalf of MassHousing, it is our privilege to present to you our Annual Report for fiscal year 2023. As we reflect on the past year, we are pleased to share the significant achievements and milestones that have marked our journey.

In a year filled with unprecedented challenges and uncertainties, we are proud to report that MassHousing has not only weathered the storm but has emerged stronger and more resilient. Our commitment to innovation, sustainability, and excellence has been instrumental in navigating the complexities of the business landscape.

Over the past year, MassHousing helped 2,197 households achieve homeownership, while also creating or preserving 3,331 affordable rental homes. This year’s annual report shares some of their stories, shining a brighter light on the people we lend to and partner with. 

We would like to express our deepest gratitude to our dedicated employees and valued partners for their unwavering support. Your trust and commitment have been the driving force behind our success, and we remain dedicated to delivering value and excellence in all that we do.

As we look toward the future with optimism, we are confident that MassHousing is well-positioned for continued success. We appreciate your ongoing support and look forward to another year of growth and achievement together.

Rental Housing

MassHousing provides financing with favorable terms to developers and owners of affordable and mixed-income rental housing. After loan closing, our asset management staff works with property managers to ensure that affordability is maintained and that properties remain in good financial and physical condition. If needed, MassHousing works with borrowers to provide additional financing to meet the properties’ needs.

MassHousing also administers certain federal rental housing subsidy programs on behalf of HUD, and performs financial and property reviews on HUD’s behalf, through a partnership called Performance Based Contract Administration.

Rental Housing Highlights
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total financing

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rental communities financed

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3,461 Units

3,331 of which are affordable

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loans serviced with an outstanding balance of $6.9 billion

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site reviews conducted

333 AMR, 272 MOR

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developments under the federal Performance Based Contract Administration (PBCA) Program Served

Success Stories

Flat 9 at Whittier | Roxbury, MA

More than $189 million in MassHousing financing is supporting the redevelopment of the 1950s-era Whittier Street Apartments, a public housing community for more than 200 residents. When completed, Flat 9 at Whittier will have 314 new apartments.

Flat 9 at Whittier has outdoor play spaces, a mix of building types, and new streets to re-integrate the site into the broader neighborhood. The redevelopment is being led by Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corporation (MPDC).

Flat 9 has ground floor commercial/retail space for small, neighborhood businesses and above-ground parking as well as dedicated in-building bike storage. This transit-oriented development has been designed to meet LEED ND standards.

Visit the Flat9 website here

Nayomi Dowman

resident of Flat 9 at Whittier

“There is a brand-new state of the art playground in a courtyard right outside our apartment, and I can sit and watch the kids play. I’m a Latina woman with a Black husband and Black children. Being in Roxbury is the best. I am so glad that MassHousing and others chose to invest in Roxbury, a majority-Brown neighborhood. I love to see reflections of myself and my family.”

The MassHousing Team behind Flat 9

Left to right: Ken Beckles, Sebastian Zapata, Rachel Carlson, Daniel Barbanell, Danielle McCarthy, Avery Riggs, Emily Loomis, Carol McIver, Amelia Cruz McDonough (not pictured: Sarah Hall, Megan Phillips, Paul O’Leary, Colleen Kelley)

Beverly Village for Living & the Arts | Beverly, MA

In March of 2023, the transformation of the Briscoe School in Beverly began with a groundbreaking. Financed in part by $26 million from MassHousing, the school will be renovated into the Beverly Village for Living and the Arts. Beacon Communities and Harborlight Homes are the joint developers.

Former classrooms will be turned into 85 units of affordable housing for low-income seniors, and former locker rooms will become six live/work studios with an artist occupancy preference. The auditorium will be preserved for use as a community performing arts space, maintaining the building’s historic connection to its community. The former gymnasium will house resident amenities including a community room, computer learning center, wellness and fitness spaces, library and reading room, as well as a workshop. Outdoor amenity spaces will include a terrace and patio.

The MassHousing Team behind the Beverly Village

Left to right: Derek Mendes, Josiah Madar, Kimberly Leone, Hana Migliorato, Tom Fitzmaurice (not pictured Amanda Melick, John Collins, Kristin Olsen, Dave Harraghy, Greta Appleton)

Littleton Drive Family and Littleton Drive Senior | Wareham MA

MassHousing is providing $16.3 million in affordable housing financing to Pennrose, LLC for the development of the 49-unit Littleton Drive Family and the 44-unit Littleton Drive Senior, which combined will create 93 new affordable apartment homes for families and seniors in Wareham.

The two housing communities will share a community center, outdoor common space, roadways, and parking space. The new housing is being developed on land owned by the Town of Wareham under Chapter 40B. MassHousing provided planning assistance to the Town of Wareham leading to the redevelopment and transformation of the site, which had sat vacant for decades.

The MassHousing Team behind the Littleton Drive project

Left to right: Derek Mendes, Kimberly Leone, Tom Fitzmaurice, John Drew, Emily Loomis, Josiah Madar, Avery Riggs, Bill Dunn

(not pictured are Kelly Johnson, Dave Harraghy, Jessica Whitten)


MassHousing helps low- and moderate- income, first time homebuyers by providing affordable home mortgage loans, down payment assistance and mortgage insurance. We partner with more than 80 community banks, credit unions and mortgage companies to originate the loans on our behalf. Borrowers then make their monthly payments to us.

Featured Homeownership Programs

Mass DREAMS (Delivering Real Equity and Mortgage Stability) was a grant program for first-time homebuyers. In fiscal year 2023, MassHousing provided $37.4 million in DREAMS grants to 1,140 first time homebuyers who purchased a home with an affordable MassHousing loan. 54% of the grant awards went to Black, Indigenous and People of Color (BIPOC) homebuyers, and 75% of awards went to borrowers with incomes at or below 100% of AMI.

Throughout fiscal year 2023, MassHousing continued to award funds from the Massachusetts Homeowner Assistance Fund (HAF) to help bring homeowners current on their mortgage loans if they were at least three months behind on payments due to a COVID hardship, and if they met program eligibility requirements. Since the program began in late 2021 MassHousing made 990 awards totaling $16.4 million to low- and moderate-income MassHousing borrowers who, without the funds, may have faced foreclosure.

“I cannot begin to express how grateful I am for you trying to help me out by introducing the HAF program. I am experiencing a very difficult situation since my job loss and didn’t know how I was going to get back on top, but look what God just did! Amen.” - Jocelyne

Homeownership Highlights
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in total financing for homeownership



1st mortgage loans

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MassDREAMS grants for $37.4m


of homebuyers earned ≤100% of area median income

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loans serviced with an outstanding balance of $3.75 billion

(as of June 30, 2023)


of homebuyers self-identified as persons of color

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awards through Massachusetts Homeowner Assistance Fund (Mass HAF) for $14.9 million

Homeownership Success Stories

Aliesha Porcena, Boston

Aliesha began with a homebuyer education class and credit workshop through Nuestra Comunidad. She then connected with a loan officer at Eastern Bank, who helped Aliesha get pre-approved for a MassHousing Mortgage loan with Down Payment Assistance.

"Because of the down payment assistance program, I had access to more homes across Boston. I am incredibly proud to be a homeowner, and what I have accomplished thus far."

Arlyce & David, Brockton

Arlyce and David were outbid three times, but a MassDREAMS grant proved to be a difference-maker for the family, who had been renting in Boston. They obtained a MassHousing loan and a DREAMS grant from Fairway Independent Mortgage to buy their first home in Brockton.

“MassDREAMS was a tremendous help to us. I'm not sure how far we would've gotten without it. I am so happy to have a home for my kids to come home to and extremely grateful."

Gabriella and Abelardo, Haverhill

Gabriella and Abelardo built up their savings and improved their credit, but they thought they were still months away from buying a home. But Natalia Berbesi, at Salem Five told the couple about MassHousing’s affordable mortgage loans and down payment assistance, along with the MassDREAMS grant program. They were approved for a loan and a grant and were able to buy their Haverhill home much sooner than they thought.

"MassDREAMS is just the kind of help needed for families like ours to be able to buy a house."

The MassHousing Teams behind the home ownership programs


From left, Angelo Nuby, Richard Petisce, Lisa Fiandaca, Oneida Fuentes, Nicholas O’Donnell, Nieves Gomez and Goretti Joaquim.


Harry Cenat, Thomas Glavin, Eddie Cartagena, Anthony Raines, Kara Sullivan, Adam Krings, Michelle Kelly, Wendy Sosa, Mary Magliozzi, Robert Davis, Sabrina Mahmood, Jaclyn Kelly, Mary Coughlin and Kimahri Testamark


Lance McGrath, Alison Haskins, Alexander Burbine, Yolanda Ortega-Velez, Susan Richard, Anna DeBurgo, Kathleen Holt, Stephen Payson, Calvin Ratcliffe, Pamela Balboni, Deanna Ramsden, Jeremy Meneses, Samuel Juergens and Susan Sheffer.

Saige on Fountain | Roxbury, MA

MassHousing provided a $5 million grant from its CommonWealth Builder Program - which is the Commonwealth’s subsidy program designed to reduce the racial home ownership gap – to Oxbow URBAN to build Saige on Fountain in Roxbury, a new, affordable home ownership development with 40 for-sale units. Half of the homes were priced to be affordable to buyers with incomes at or below 80% of area median income. Saige on Fountain’s units were priced between $164,800 (for a studio) and $356,100 (for a 3-bedroom).

Visit the Saige on Fountain website

Team behind Saige

Somala Diby, TLee Development; Phaedra Udor, Oxbow Urban; Denisha McDonald, Our Village Initiative; Kathleen Evans, Simeone Montrond and Beverly Estes-Smargiassi, MassHousing; Kevin Maguire, Oxbow Urban; and Sebastian Zapata, MassHousing.

Housing Stability

The Housing Stability Department leverages collaborations, training, programming, and investments to promote positive tenancies, reduce evictions, and advance opportunities for residents in MassHousing financed properties and households with low incomes across the Commonwealth, with an emphasis on individuals and families with disabilities.

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households averted from homelessness through the Tenancy Preservation Program

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sites operated by 60 management companies enrolled in the Tenant Assistance Program

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affordable units were made available through the DMH/DDS Set-Aside and 3% Priority programs

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participants in education, wellness, and arts and culture programming

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training opportunities for 2,265 registrants

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youth supported from MassHousing financed properties in summer youth employment and early career exploration

Resident Engagement Programs

Property management companies that enroll in MassHousing’s Tenant Assistance Program (TAP) can access dozens of programs for their residents.

Mandela Homes

A magic show kept young people at Mandela Homes in Boston entertained on a summer afternoon. The program was made possible through MassHousing’s resident programming from the Housing Stability Team.

Kurlat House in Brighton

A resident at Kurlat House in Brighton enjoys a recent performance by Music Journey - Songs Around the World made possible by MassHousing’s Housing Stability Department.

Meet the team

Jenni McKool, Rachel Carlson, Sarah Hall, Sebastian Zapata, Emily Loomis, Carol McIver, Avery Riggs, Megan Phillips, Danielle McCarthy, Paul O'Leary, Daniel Barbanell, Kristin Olsen, Colleen Kelley, Andrea Laing, Amelia Cruz McDonough

Housing Stability Team

Left to right: Gloria Brand, Helena Padellaro, Carol St. Cyr, Libby Hayes, Linda McMahan, Kelly Hetrick and David Eng (not pictured: Kara Pillsbury Johnson and Denise Green)

Community Revitalization

MassHousing offers a number of grants, technical assistance and other programs that support our mission of confronting the housing challenges facing Massachusetts to improve the lives of its people. Some of these programs are funded by MassHousing, and others by the Commonwealth. They include:

Neighborhood Stabilization Program

Grants to address disinvestment and blight

Gateway Housing

Rehab Program

Grants to repair or convert 1-4 unit properties in Gateway and similar cities

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Fire Sprinkler System Program (FSSP)

One-time grants to MASH-Certified Sober Homes

Center for Community Recovery Innovations, Inc.

Grants to create and preserve affordable, substance-free housing

The Neighborhood Hub

Technical assistance to repair and renew neighborhoods