MassHousing Announces Major Change to the “Get the Lead Out” Lead Paint Removal Loan Program

Financing at zero percent to remove lead paint is now available to all qualified households with children under age six regardless of whether the child is lead poisoned or in case management

BOSTON – June 10, 2013 – (RealEstateRama) — MassHousing announced a major change today in the “Get the Lead Out” lead paint removal loan program that will now allow all qualified households with children under age six to obtain zero-percent financing to remove lead paint regardless of whether the child is lead poisoned or in case management.

“We believe this change will allow for more families to qualify for zero-percent loans to remove lead paint from their homes and prevent young children in Massachusetts from being lead poisoned,” said MassHousing Executive Director Thomas R. Gleason.

MassHousing administers the Get the Lead Out program in partnership with the state Department of Public Health and Department of Housing and Community Development.

Zero-percent financing is now available to income-eligible households in one to four-family, owner-occupied dwellings, with children under age six. Eligible borrowers may not have to repay the loan until they sell or refinance their home.

Before the program change, zero-percent, deferred financing was only available to households where a child was lead poisoned or in case management the Childhood Lead Poisoning Prevention Program (CLPPP).
MassHousing will continue to offer Get the Lead Out loans with a 2-percent interest rate to qualified borrowers of owner-occupied properties who do not have children under the age of six and loans with a 5-percent interest rate to qualified owners of investment properties.

For more information about the Get the Lead Out program, including income limits, loan limits and how to apply, please visit www.masshousing.com/leadpaint.

About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided nearly $14 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.

Media Contacts
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com