Helping to House New England
Helping to House New England (HHNE) supports the development and preservation of affordable rental housing and homeownership opportunities by providing subsidized funding to New England’s six state housing finance agencies. Housing finance agencies have used the program to support workforce housing, multifamily home loan refinancing, and homeownership lending programs. Here is some detail about the eligibility and allowable uses of the program.
HHNE funding supports targeted initiatives serving individuals and families who qualify for loans under the housing finance agency’s income guidelines for comparable loans. Some examples of potential uses include:
- Short-term construction lending
- Workforce housing
- Deferred loan programs for homeownership
- Refinancing of multifamily loans
- Rental housing expansion
Access to the HHNE subsidy is made available to housing finance agencies through any or all of the three following options:
- Advances: The HHNE subsidy can be used to obtain zero-rate advances with terms ranging from one through 10 years.
- Bond purchases: Bond purchases are available as part of a public offering and must be rated AA or higher and for a term not to exceed five years.
- Grants: The subsidy amount is also available as a forgivable grant.