40B Affordability Monitoring System – Changes in 2021
MassHousing will be selecting the monitoring agent for each home ownership development at Final Approval. Previously, the Monitoring Agent has been chosen by the developer. MassHousing will pay agents for services directly, on an upfront and annual basis, through an escrow account. The agents that have been selected are:
- Citizens Housing and Planning Association
- LDS Consulting Group
- Sudbury Housing Trust
- MetroWest CDC
- Housing Assistance Corporation
- Community Teamwork, Inc.
- NeighborWorks Housing Solutions
For Site Approval of ownership units, effective September 1, 2020, the following fees will be payable to MassHousing.
For Final Approval of ownership units, effective January 1, 2021, the following fees will be made payable to MassHousing.
For those of you familiar with our Final Approval process, this means Developers will no longer be selecting or paying fees to the monitoring agent directly.
In addition, 40B fees will be adjusted for inflation at a rate of 2% per year, beginning July 1, 2022. A separate fee schedule for Final Approval of MassHousing financed projects will be released at a later date.
We will keep you, our valued client, posted of any additional changes as they arise.