New England Fund Eligibility

If you are a member working with a developer who is interested in using the New England Fund to access low-cost, fixed-rate advances for housing in Massachusetts or Rhode Island that benefits households with incomes up to 80% of the area median income*, here are some eligibility criteria you should become familiar with. 

One- to Four-Family Loans

One- to four-family mortgage loans are eligible if they are part of:

  • A Massachusetts 40B initiative where the loan supports a subdivision or condominium where the incomes of at least 25% of the individual homeowners will not exceed 80% of the area median income;
  • A Massachusetts 40R initiative where at least 20% of the units are targeted for households earning up to 50% of the area median income; or
  • A Rhode Island comprehensive permit initiative where the loan supports a subdivision or condominium where the incomes of at least 20% of the individual homeowners will not exceed 80% of the area median income.

Residential Multifamily Rental

Multifamily rental or cooperative projects are eligible if they are part of:

  • A Massachusetts 40B initiative where 25% of the units are affordable to tenants whose incomes do not exceed 80% of the area median income;
  • A Massachusetts 40R initiative where at least 20% of the units are targeted for households earning up to 50% of the area median income; or
  • A Rhode Island comprehensive permit initiative where at least 20% of the units are affordable to tenants whose incomes do not exceed 80% of the area median income.
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*Area median income and median income are defined the U.S. Department of Housing and Urban Development.