Press Release: 7/8/2026

Healey-Driscoll Administration Announces Creation of 192 New Mixed-Income Rental Homes through Momentum Fund

 

Momentum Fund reaches new milestone with investments supporting 627 homes statewide, including 192 announced today 

FOR IMMEDIATE RELEASE:

7/07/2026

MEDIA CONTACT

Jacqueline Manning, Press Secretary

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Call Jacqueline Manning, Press Secretary at (617) 725-4025

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Email Jacqueline Manning, Press Secretary at jacqui.manning@mass.gov

BOSTON — The Healey-Driscoll Administration today announced $15 million in Momentum Fund financing to advance three mixed-income housing developments that will create 192 new rental homes in Milton, Middleton and Newburyport. The projects, which have already received local approvals, will use the financing to move into construction more quickly, helping deliver much-needed housing for Massachusetts residents. 

“Massachusetts needs more homes, and we need to make it faster and less expensive to get them built,” said Governor Maura Healey. “The Momentum Fund helps us do both by lowering financing costs, unlocking private investment and moving permitted projects into construction so more families, workers and communities can find reasonably priced homes.” 

 

“The Affordable Homes Act gave us new tools to turn housing plans into homes people can afford to live in,” said Lieutenant Governor Kim Driscoll. “These projects in Milton, Newburyport and Middleton show how strong partnerships among the state, local communities and private developers can deliver more homes where residents need them.” 

 

MassHousing is committing $2.5 million in public equity funding to the Residences at Quarry Hills, a new 40-unit mixed-income rental community developed by a joint venture between Falconi Properties, HP Homes and Agora Properties. 

 

The agency is committing $6.5 million to the third phase of the Newburyport Crossing development, a project by MINCO Development that will create 92 new mixed-income rental homes adjacent to the Newburyport MBTA Commuter Rail station. 

 

In addition, MassHousing is committing $6 million to the Residences at Middleton Corner, a project by Villebridge Real Estate Development that will create 60 new mixed-income rental homes in Middleton’s town center. 

 

The Momentum Fund was created by the Healey-Driscoll Administration under the Affordable Homes Act, the largest and most ambitious housing bond bill in Massachusetts history. This new tool in the state’s housing toolkit accelerates housing production, especially middle-income units, without relying on typical grant and subsidy resources. The fund leverages low-cost capital and the expertise of private developers to help already permitted, much-needed housing projects begin construction. By leveraging this new financing tool, MassHousing can help build more homes sooner and provide much-needed units for families, seniors and young adults. MassHousing aims to support the creation of more than 1,000 new units of multifamily housing with $50 million of state investment capital and is evaluating how to further expand this goal with co-investment partnerships. 

 

“The Momentum Fund is an innovative, first-in-the-nation tool built for this moment,” said Housing and Livable Communities Secretary Juana Matias. “By leveraging public investment to attract private capital, we can help permitted housing projects move forward despite challenging financing conditions, accelerate the creation of mixed-income homes, and establish a revolving source of funding that will continue supporting housing production across Massachusetts.”  

 

“MassHousing is thrilled to support the development of the Residences at Quarry Hills, the Residences at Middleton Corner, and the latest phase of Newburyport Crossing, bringing more housing choices to working households,” said Chrystal Kornegay, CEO of MassHousing. “Momentum Equity is helping to accelerate new mixed-income housing growth where it is needed the most. Thanks to the Healey-Driscoll Administration’s Affordable Homes Act, we are putting innovative finance to work at scale and working collaboratively to address the state’s housing needs.” 

 

“For more than 70 years, our family has been building and managing housing in Milton and across the South Shore, and we’re proud to bring that experience to the Residences at Quarry Hills. The Momentum Fund’s equity participation is exactly the kind of flexible, timely financing that allows a permitted project like ours to move forward in today’s market. We’re grateful to MassHousing and the Healey-Driscoll Administration for their partnership, and we believe these 40 new homes will be a meaningful addition to Milton’s housing stock,” said Bob Falconi of Falconi Properties LLC. 

 

“Newburyport Crossing exemplifies the true spirit of smart growth,” said MINCO President Louis P. Minicucci Jr. 

 

“We thank the city of Newburyport and especially Mayor Sean Reardon and Development Director Andy Port for their unwavering support and commitment to quality housing development in the city,” said MINCO CEO Eric Loth. “We would also like to thank MassHousing and its staff involved in this transaction for their assistance and collaboration in making Phase III of Newburyport Crossing a reality. Building high-quality, sustainable, energy-efficient, healthy housing with a strong affordability component has never been more challenging. The vision and flexibility of MassHousing throughout this process has been invaluable. We are very thankful for their participation and look forward to the groundbreaking as the next milestone in this historic project.” 

 

“Villebridge is proud to partner with MassHousing and the town of Middleton, anchoring the new Middleton Corner mixed-use development with rental homes for a range of household sizes and budgets right in the center of town,” said Villebridge Principal Lars Unhjem. 

 

Massachusetts is a national leader in financing the production and preservation of affordable housing, but meeting our housing needs also requires creating more mixed-income housing. The Healey-Driscoll Administration's statewide housing plan found that Massachusetts must create 222,000 new homes by 2035 to support a growing economy and meet housing needs of residents of all ages and incomes. The need for new housing production exists across Massachusetts and at all income levels. 

To date, Momentum Fund equity investments totaling $30 million, combined with associated mortgage financing, have supported the development of 627 mixed-income rental homes, including 140 affordable homes. Additional financing commitments will follow in the coming months. 

The Momentum Fund offers developers of mixed-income housing an efficient and predictable source of stable equity financing. Momentum Equity is not a subsidy or grant; it is designed to be flexible compared with other equity available in the commercial market. Momentum Equity financing is designed to blend with privately financed equity and revolve over time, creating an ongoing source for mixed-income housing growth 

 

These new equity and mortgage financing solutions are designed to lower the financing costs faced by housing developers and mobilize private investment in housing production, allowing new housing to proceed to construction in a higher-cost environment and ultimately helping to deliver more housing to Massachusetts residents. 

Momentum fund financing commitments include:  

• Residences at Quarry Hills (Milton): $2.5 million in public equity financing to support a 40-unit mixed-income rental community developed by a joint venture between Falconi Properties, HP Homes and Agora Properties.  


• Newburyport Crossing – Phase III (Newburyport): $6.5 million in public equity financing to support the third phase of the Newburyport Crossing development by MINCO Development, creating 92 mixed-income rental homes adjacent to the Newburyport MBTA Commuter Rail station.  


• Residences at Middleton Corner (Middleton): $6 million in public equity financing to support a 60-unit mixed-income rental community in Middleton's town center, developed by Villebridge Real Estate Development. 

MassHousing previously committed Momentum Fund equity financing to the Residences at East Milton in Milton, a 92-unit mixed-income rental development by the Joseph J. Corcoran Company and Falconi Properties, and to Claremont Grafton, a 233-unit mixed-income rental development by the Claremont Companies. MassHousing collaborated with the City of Boston to commit a total of $10.5 million in public equity funding to 20 Malcolm X Boulevard, a 110-unit new construction project located in Roxbury. 

About HLC 

The Executive Office of Housing and Livable Communities was created in 2023 to create more homes and lower housing costs for Massachusetts residents. Since taking office, the Healey-Driscoll Administration has advanced a comprehensive housing strategy that includes the Affordable Homes Act, statewide accessory dwelling unit reforms, MBTA Communities implementation, Seasonal Communities designation, the Momentum Fund, the Commercial Conversion Tax Credit and expanded Housing Development Incentive Program awards to support new housing production across Massachusetts.   

About Falconi Properties 

Falconi Properties LLC specializes in the development, leasing, and management of residential, office and retail assets in addition to the construction of luxury homes. The firm currently owns and manages more than 1,200 residential and commercial properties across the South Shore. Falconi is a family-owned and operated firm that was founded in 1952 and is based in Milton, Massachusetts. For more information, visit www.falconirealty.rexiportal.com. 

About HP Homes LLC 

HP Homes LLC has 50 years of combined experience in the design, construction and development of luxury homes, residential communities and commercial assets. Led by Kyle Harnish and Brian Pasquantonio, HP Homes has successfully developed more than $30 million of real estate in Milton, Massachusetts, including a recent five-lot subdivision named “Pine Gardens.” Additionally, the company was the general contractor for Derby Street Shops in Hingham, The Great American Beer Hall in Medford and projects at Milton Academy. For more information, visit www.hphomesmilton.com. 

About Agora Properties LLC 

Agora Properties is a Boston-based real estate investment company formed in 2013 by Sean McReynolds and Justin Smith to use their investment and operating experience, broad network of industry relationships and financial sophistication to invest in New England-based real estate assets. Sean McReynolds also serves as president of Joseph J. Corcoran Company LLC. 

About MINCO Development 

MINCO Development Corporation was established in 1982 by Louis P. Minicucci Jr. on the foundation of hard work, accuracy and a dedication to delivering the best real estate services possible. That commitment has remained strong through the years and is evident in the planning, permitting and development of more than 3,500 residential units. MINCO is a real estate company engaged in development, servicing every major sector in the real estate market, including retail, residential and commercial. It is one of the biggest and most respected commercial real estate companies in the Merrimack Valley of Massachusetts. MINCO and Minicucci have been involved in many multifamily housing developments, including assisting local housing authorities in developing 400 units of state- or federally funded public housing for cities and towns in the early 1980s. MINCO transitioned to developing multifamily projects with Chapter 40B and has also developed transit-oriented housing using both Chapter 40R and local zoning. For more information, visit www.mincocorp.com. 

About Villebridge Real Estate Development 

Lars Unhjem founded Villebridge in 2020, leveraging his experience as a senior leader at Mill Creek Residential and AvalonBay Communities. Over his career, Unhjem spearheaded the development of 3,800 units across 14 developments, representing more than $1.1 billion in total capitalization. Unhjem’s expertise spans diverse product types, including garden, mid-rise, podium and mixed-use, as well as Class A core-and-shell retail within Greater Boston. For more information, visit www.villebridge.com. 

About MassHousing 

MassHousing (the Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the commonwealth’s housing challenges. The agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. MassHousing uses housing finance to strengthen communities, to help people build economic prosperity and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com. 

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