Attainable and Affordable Housing are slightly different. Affordable Housing is generally sponsored by MSHDA, the Low-Income Housing Tax Credit and local PILOT tax abatements. This form of housing generally addresses needs for households that make 60% of the Area Median Income or below for normally around 40% of the total units in a multi-family project. MCC works to extend the mission of MSHDA but this work generally occurs behind the scenes with below interest bond purchases, note purchases and other risk pooling tools.
Attainable (sometimes called “workforce”) Housing generally addresses households with incomes between 61% and 120% of the Area Median Income. MCC works directly with banks, foundations and the MEDC to expand this form of housing in both the multi-family rental and for-sale sectors across the state.
MCC will partner with developers and property owners to help invest equity (up front risk capital) in exchange for an equitable ownership interest in a property. When we invest, we require a certain percentage of the units be held and offered for rent to households within the “Attainable” band of income. We sometimes require income certification prior to leasing depending on the deal and market.
We work in communities big and small and we work with both housing only and mixed-use products.
If you are interested in learning more about our Equity product, we will need to see the proforma, a summary of the project and to understand your perspective development, financing, and disposition strategy in order to give you some indicative terms.
We do not insist on any specific return on investment however; frequently our capital is loaned to us at a carrying cost which we will pass along within our economic return requirements.
As with all our properties, we would require the project to secure insurance under our Property Insurance Program
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