Yearly Archives: 2009

WALTHAM, MA - August 25, 2009 - (RealEstateRama) -- The Massachusetts Association of REALTORS® (MAR) reported today that sales of single-family homes were up 12.7 percent compared to the same time last year. It was the first time since December 2008 that home sales have gone up year-over-year. Condominium sales were also up for the first time since August 2007. While median prices for single-family homes and condos were down, they were still at their highest point since August 2008. The number of pending sales (homes put under agreement in July) was up 4.0 percent from the same time last year – the second straight month of year-over-year gains

First-time homebuyers could borrow up to $8,000 in advance of federal tax credit. BOSTON, MA - August 19, 2009 - (RealEstateRama) -- MassHousing announced today that Mortgage Financial, Inc., based in Tewksbury, is an approved lender of MassHousing’s First-Time Homebuyer Tax Credit Loan that will allow first-time homebuyers to borrow up to $8,000 in advance of their federal tax credit for homes purchased with a MassHousing loan before November 30, 2009

Funding will provide job and housing opportunities, increase social services throughout state BOSTON, MA - August 17, 2009 - (RealEstateRama) -- As part of his Massachusetts Recovery Plan to secure the state’s economic future, Governor Deval Patrick today announced that 75 communities will receive $40.4 million in federal Community Development Block Grants to fund infrastructure upgrade projects, boost social services and increase housing, business and economic development opportunities throughout the state.

BOSTON, MA - August 12, 2009 - (RealEstateRama) -- The Division of Banks issued a cease-and-desist order against Taylor, Bean & Whitaker Mortgage Corporation, one of the largest wholesale lenders in the country.On Tuesday, Aug. 4, the Federal Housing Administration announced that it had suspended Taylor Bean from originating any FHA-insured mortgages after allegations of financial misrepresentation and the failure to disclose a multi-state settlement agreement which included Massachusetts.

$20M Transformation Provides New Rental Housing for Families in Dorchester. August 10, 2009 - (RealEstateRama) -- Mayor Thomas M. Menino and Department of Neighborhood Development (DND) Director Evelyn Friedman today joined the Dorchester Bay Economic Development Corporation (DBEDC), the Dudley Street Neighborhood Initiative (DSNI), and community members to celebrate the grand opening of Dudley Village Homes in Dorchester. In total, the project brings 50 much-needed affordable rental units for low-income residents in the Dudley Street Neighborhood Initiative (DSNI) core area. Mayor Menino said this five-building $20 million transformation of Dudley Street was made possible in part by a DND contribution of more than $2 million, and is subject to a 99-year land lease agreement with DSNI.

Unprecedented demand for affordable home mortgage loans pushes overall lending to more than $753 million. BOSTON, MA - August 7, 2009 - (RealEstateRama) -- Governor Deval Patrick announced today that MassHousing had its best lending year in state history in fiscal year 2009, providing more than three-quarters of a billion dollars for affordable housing.The landmark year was due to a surge in lending to first-time homebuyers. They have flocked to MassHousing’s 30-year fixed rate-mortgages with low downpayment requirements – a feature that has virtually disappeared from the private lending market in the wake of the mortgage lending crisis

Owners of 140-unit Joseph’s House in Fitchburg and 86-unit St. Michael’s House in Northampton will seek to extend affordability for longest terms possible. BOSTON, MA - August 5, 2009 - (RealEstateRama) -- MassHousing announced loan commitments today of up to $6.8 million to preserve affordability at Joseph’s House in Fitchburg and up to $5.4 million to preserve affordability at St. Michael’s House in Northampton. O’Connell Senior Living LLC of Holyoke and SHPMa LLC, the owners of the apartment communities for low-income families, will seek to extend Section 8 contracts at Joseph’s House and St. Michael’s House for the longest terms possible.

BOSTON, MA - August 4, 2009 - (RealEstateRama) -- Senators John Kerry and Edward Kennedy, together with Congresswoman Niki Tsongas today announced that Haverhill will receive $1,068,920 from the U.S. Department of Housing and Urban Development for critical housing programs in the city

BOSTON, MA - August 4, 2009 - (RealEstateRama) -- Senators John Kerry and Edward Kennedy, together with Congressman Barney Frank today announced that New Bedford will receive a total of $4,486,663 from the U.S. Department of Housing and Urban Development for critical housing programs in the city.The federal funding comes as part of three national grant programs. The city will receive $3,010,541 as part of the Community Development Block Grants (CDBG) program, $131,648 as part of the Emergency Shelter Grants (ESG) program, and $1,344,474 as part of the HOME program

BOSTON, MA - August 4, 2009 - (RealEstateRama) -- Senators John Kerry and Edward Kennedy, together with Congressmen Jim McGovern and Barney Frank today announced that Fall River will receive a total of $4,396,672 from the U.S. Department of Housing and Urban Development for critical housing programs in the city.

July 29, 2009 - (RealEstateRama) -- Mayor Thomas M. Menino today announced the City’s new Homeownership Stabilization Campaign, a comprehensive 12-month initiative through which the City has committed to spend as much as $18 million to help Boston’s neighborhoods recoup from the nationwide foreclosure crisis. Joined by state and local housing officials, Mayor Menino described the campaign as having a two-part strategy to help retain and support existing homeowners while adding new buyers to the market through bolstered homeownership programs

SPRINGFIELD, MA - July 29, 2009 - (RealEstateRama) -- Tuesday, July 28, 2009 – As part of the Patrick-Murray Administration’s Massachusetts Recovery Plan to secure the state’s economic future, Governor Deval Patrick today announced the initial group of approved lenders for the MassHousing First-Time Homebuyer Tax Credit Loan Program. The program, unveiled in Boston earlier this month, will allow first-time homebuyers to borrow up to $8,000 in advance of their federal tax credit for homes purchased with a MassHousing loan before December 1, 2009.“It’s a great time to buy,’’ said Governor Patrick. “And we now have a network of lenders in place to help homebuyers put their federal tax credit to work now to buy their first home

WALTHAM, MA - July 28, 2009 - (RealEstateRama) -- The Massachusetts Association of REALTORS® (MAR) reported today that median home prices for single-family homes are back above $300,000 for the first time since August 2008. On a year-over-year basis, median prices were down 8.6 percent for single-family homes and down 6.6 percent for condos. Despite those decreases, single-family home sales were down only 1.9 percent compared to June 2008 while condo sales were down 13.4 percent. The number of pending sales (homes put under agreement in June) was up over five percent from the same time last

BOSTON, MA - July 17, 2009 - (RealEstateRama) -- Senators John Kerry and Edward Kennedy today announced that Massachusetts will receive $15,201,451 in U.S. Department of Housing and Urban Development funding through the American Recovery and Reinvestment Act.

July 15, 2009 - (RealEstateRama) — At a press conference yesterday at the State House, MAR President Gary Rogers joined Governor Patrick, Lt. Governor Murray and MassHousing Chairman Dirrane announce Masshousing’s new loan program that allows first-time home buyers to “monetize” the $8,000 Federal homebuyer tax credit for downpayments and closing costs.