Local initiatives among 26 selected out of 280 sumbissions; voting ends Feb. 10
BOSTON, – February 2, 2015 – (RealEstateRama) — Three innovations from Massachusetts are among 26 finalists in the U.S. Department of Housing and Urban Development’s (HUD) Innovation of the Day initiative.
MHP’s Housing Reserve Assurance Program (Housing RAP), the MassDocs and OneSource loan closing systems and the Fairmount Collaborative were all selected as finalists from a pool of 280 submissions from across the country.
In announcing the finalists, HUD has invited anyone from the housing, community development, environmental and urban practice professions to vote for up to three of the 26 finalists. To review all 26 finalists and to vote, go here. Voting is open until Tuesday, Feb. 10. HUD also urges all voters to spread the word about the competition through social media and email and get more people to vote.
Here is more information about the three Mass. finalists:
• Housing RAP is designed to reduce the need for cash-funded operating reserves financed with low-income housing tax credits by providing a liquidity facility – similar to a line of credit – for up to 80 percent of the operating reserve. With a Housing RAP line, non-profit developers gain access to additional capital while tax credit investors are provided with the assurance that funds will be available during the life of the loan if needed. The program is jointly funded by MHP and the Boston Foundation
• MassDocs and OneSource were developed by MHP and the state Department of Housing and Community Development (DHCD) to make loan closings more efficient. MassDocs simplifies the loan closing process by making it possible to have one set of closing documents for affordable rental developments using multiple public funding sources. OneSource provides developers of affordable rental housing with construction and permanent financing using one set of loan documents and one attorney, saving time and money.
• The Fairmount Collaborative represents community groups coming together to lobby for equity in transit, housing, jobs and the environment along the new Fairmount/Indigo Rail Corridor in Boston. The collaborative has advocated for such things as smart growth “urban villages” around the new train stations as well as creating and preserving affordable housing.
For more information about the competition, go to HUD’s Innovation of the Day home page. To vote, go to HUD’s data base page for initiatives.