The Housing Stabilization Fund (HSF) was created by Chapter 494 of the Acts of 1993 and further amended and funded by Chapter 257 of the Acts of 1998, by Chapter 244 of the Acts of 2002, and by Chapter 119 of the Acts of 2008 to support comprehensive neighborhood redevelopment efforts, and to help developers and municipalities acquire, construct, preserve and rehabilitate affordable housing. HSF has been one of the most versatile tools in support of sustainable housing production and housing preservation projects. HSF supports the preservation, new construction and rehabilitation projects, including rental projects for families, the elderly, formerly homeless veterans, individuals and families and first-time home buyer opportunities.
How it works:
The Housing Stabilization Fund (HSF) Program - HSF funds are set aside to support the new construction, acquisition, rehabilitation and reuse of rental and home ownership properties, including distressed, foreclosed or abandoned properties.
Who is eligible:
The HSF Program - For-profit developers; non-profit developers, and municipalities in cooperation with any of the aforementioned entities.
The HSF Program - Applicants may seek HSF Program funds either as a single public source or in combination with other public funds, such as Low-Income Housing Tax Credits, Community Development Block Grant Funds, state or local HOME funds, etc. Each application must be signed by the chief elected local official. Minimum project size is five HSF assisted units.
The HSF Program - Maximum funding per application is $1,000,000. Maximum amount per unit is $50,000 in HOME Entitlement or HOME Consortium communities and $65,000 in non-entitlement or non-consortium communities. Projects located in HOME Entitlement or HOME Consortium communities should include a commitment of local funds.
For more information:
Please call the Division of Housing Development at (617) 573-1300.
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