The REACH Program is a loan fund that provides eligible receivers with access to funds to assist in the rehabilitation and revitalization of properties across the Commonwealth.
REACH is an evolution of the AGO’s previous Abandoned Housing Initiative Receivership Fund.
HIGHLIGHT
REACH will provide $2 Million in funds to be loaned to receivers for use in rehabilitating properties through September 2029.
FUND ADMINISTRATOR
Worcester Community Resources, Inc. (WCHR) has been selected to administer the loan funds for receivers across the Commonwealth. WCHR is a non-profit based in Worcester whose mission is to create and preserve affordable housing opportunities for low and moderate-income households and to initiate and support neighborhood revitalization throughout Worcester County. WCHR achieves this through the provision of community lending, through development and management of affordable housing, and through neighborhood revitalization initiatives.
KEY PROGRAM TERMS
Receivers will be eligible to borrow up to $250,000 per project for the repair and rehabilitation of residential properties in receivership.
Interest rates on the loan will be limited to the Federal Funds Rate plus 1.5%.
Interest will not be charged on projects that are intended to produce affordable residential units.
In addition, if the house is so distressed that it is economically infeasible for the receiver to rehabilitate the property without taking a financial loss on the property, a portion of the loan may be forgiven in order to facilitate the repair of the property and its return to habitable status.
Funds will be loaned to receivers on a first-come, first-served basis with a few, limited exceptions to ensure geographic diversity and that funding is available for affordable housing projects.
KEY CONTACT INFORMATION
Receivers interested in securing a loan should reach out to Maureen Flynn at WCHR by emailing mflynn@wchr.org.
MORE ABOUT THE ATTORNEY GENERAL'S NEIGHBORHOOD RENEWAL DIVISION
The REACH program is administered by the AGO’s Neighborhood Renewal Division (NRD), which was created from the Attorney General’s Abandoned Housing Initiative and uses the enforcement authority of the State Sanitary Code to turn around abandoned residential properties. Working in close partnership with cities and towns, NRD seeks out delinquent property owners and encourages them to voluntarily repair their properties. If owners refuse, the office’s attorneys will petition the court to appoint a receiver to bring the property up to code. Anyone interested can learn more about NRD at https://www.mass.gov/attorney-generals-neighborhood-renewal-division.
