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assHousing has earned the National Council of State Housing Agencies’ (NCSHA) Program Excellence Award for Rental Housing, honoring its Momentum Fund—America’s first revolving fund dedicated to mixed‑income rental development. The award, presented for the entry “The Future Is Now: MassHousing’s Momentum Fund,” recognizes the fund’s role in accelerating affordable housing without relying on traditional grants or subsidies.

    Created by the Healey‑Driscoll Administration under the Affordable Homes Act, the Momentum Fund is a state‑level financing tool that blends public equity with private capital to lower development costs. It has already helped build 500 reasonably priced apartments and is poised to add many more.

    “MassHousing is proud to receive this honor on behalf of our partners who share our mission to address Massachusetts’ housing challenges,” said CEO Chrystal Kornegay. “The fund’s flexible public financing unlocks private investment, delivering new housing opportunities for working families across income levels.”

    Governor Maura Healey praised the initiative, noting that the Momentum Fund is “already supporting the creation of 500 reasonably‑priced apartments, with more on the way.” She added that MassHousing’s leadership is vital to increasing production and reducing costs for all residents.

    Lieutenant Governor Kim Driscoll highlighted the fund’s power to speed construction, stating, “We’re using every tool to end the state’s housing shortage, and the Momentum Fund is a key success.”

    Executive Office Secretary Ed Augustus remarked that the award reflects the team’s rapid deployment of the fund following the Affordable Homes Act’s enactment. NCSHA Executive Director Stockton Williams emphasized that the Momentum Fund exemplifies the creativity and commitment of state housing finance agencies, urging similar programs nationwide.

    The fund provides lower‑cost equity financing to developers of mixed‑income rental projects. By combining MassHousing’s public equity and permanent mortgage support, it reduces capital costs, enabling projects to move to construction faster. This approach creates a permanent, revolving source of equity that blends with private financing, fostering more homes for families, seniors, and young adults. It stands as the largest state‑led financing program of its kind in the U.S.

    Before the Affordable Homes Act, Massachusetts lacked an effective mechanism to support market‑oriented, mixed‑income housing. The $50 million Momentum Fund, proposed by Governor Healey, now partners public financing with private capital to build homes more quickly across the Commonwealth.

    Momentum Equity is not a grant but a flexible, predictable equity source that can revolve over time, ensuring sustained growth in mixed‑income housing.

    NCSHA’s Annual Awards for Program Excellence, established in 1984, recognize best practices across seven categories—including Advocacy, Communications, Homeownership, Management Innovation, Rental Housing, Special Achievement, and Special Needs Housing—encouraging continued innovation among member housing finance agencies.