Project Information

Bid Title

Revolving Credit Facility Opportunity: Affordable Housing Financing

Issuing Agency

MA Economic Development & Finance Agency

Location

Massachusetts

Published Date

Jun 23, 2026

Closing Date

Jun 30, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

Revolving Credit Facility Opportunity: Affordable Housing Financing

MassDevelopment is seeking a bank partner to provide the Agency with a revolving line of credit facility that will enable the recycling of tax-exempt housing bonds for qualified residential projects. The credit facility will allow the ongoing financing of new affordable housing projects across Massachusetts.

RFP FY2025 Financial Statements FY2024 Financial Statements FY2023 Financial Statements Response to RFP Questions

Attachment Preview

Massachusetts Development Finance

Agency 99 High Street

Boston, MA 02110

www.massdevelopment

.com

June 8, 2026

REQUEST FOR PROPOSALS

Multi-Family Recycling Credit Facility

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TABLE OF CONTENTS

Section

I. STATEMENT OF PURPOSE

II. BACKGROUND

III. KEY TERMS

IV. METHOD OF EVALUATION

V. SCHEDULE AND INSTRUCTIONS

A. Submission and Due Date

B. Single Point of Contact

C. Bidder’s Conference

VI. ADDITIONAL PROVISIONS

A. Confidentiality

B. Non-Discrimination

C. Rights of MassDevelopment

D. Use of Respondent’s Proposal

E. Respondent Proposal Costs

Exhibit A – Descriptive Chart

Exhibit B – Bid Form

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I. STATEMENT OF PURPOSE

The Massachusetts Development Finance Agency (“MassDevelopment” or “Agency”) is

requesting proposals pursuant to this Request for Proposals (“RFP”) for a revolving credit facility

(the “Facility”) that will enable preservation of tax-exempt facility bonds issued for qualified

residential rental projects (“Multifamily Volume Cap Bonds”) in accordance with I.R.C. Section

146(i)(6). The credit facility will allow the Agency to make tax-exempt loans to new projects to

support the preservation and creation of affordable housing across the Commonwealth.

Borrowings under the Facility will occur at the time of repayment of certain bonds made under

MassDevelopment’s tax-exempt bond programs. The cash repayments will serve as the sole

collateral for the Facility and will be deposited in a segregated pledged account that will secure

a related borrowing under the Facility. Please see Exhibit A for a chart further describing the

purpose and use of the Facility.

II. BACKGROUND

MassDevelopment provides financing and real estate development services to support economic

growth and community development across the Commonwealth. Created in 1998 through the

merger of several state financing authorities, MassDevelopment operates as a self-supporting,

quasi-public agency of the Commonwealth of Massachusetts. MassDevelopment issues taxable

and tax-exempt bonds and notes, administers state and federal financing programs, and deploys

a range of lending tools, including direct loans, loan guarantees, and credit enhancements.

MassDevelopment plays a central role in Massachusetts’ municipal bond market by serving as a

conduit issuer and financing partner for projects that advance economic development and public

benefit. It issues both tax-exempt and taxable bonds on behalf of municipalities, nonprofits, and

private developers, enabling borrowers to access capital at lower costs than traditional financing.

A significant portion of its work supports multifamily affordable housing, where

MassDevelopment issues Multifamily Volume Cap Bonds to finance the creation and

preservation of affordable and mixed-income housing developments. These bonds allow

borrowers to access federal Low-Income Housing Tax Credits (LIHTC), in addition to providing

lower borrowing costs. MassDevelopment assists in structuring transactions to comply with

volume cap allocations, federal tax rules, and state housing priorities, and works with banks and

underwriters to execute bank direct purchase of bonds and public market bond sales. Through

this combination of bond issuance, technical expertise, and collaboration, MassDevelopment

helps expand housing supply and affordability while enabling municipalities to pursue long-term

community development goals.

MassDevelopment’s lending and investment activities include the provision of direct loans and

credit facilities to support development projects and operating needs, often in coordination with

its bond financing programs. The agency also manages a portfolio of loans and credit exposures,

overseeing compliance, risk management, and servicing functions. In addition,

MassDevelopment owns and manages a portfolio of real estate assets and provides technical

assistance and redevelopment services to advance complex projects, including the repositioning

of underutilized or state-owned properties.

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For additional information about MassDevelopment, please visit our web site at

www.massdevelopment.com.

III. KEY TERMS

A. Available Commitment: $25,000,000, with an accordion up to $50,000,000

B. Effective Date: Approximately 10/1/26.

C. Commitment Expiration Date: Approximately 10/1/28 (two years from Effective Date)

D. Collateral: Cash repayments

E. Amounts borrowed under the Facility may be repaid and re-borrowed between the

Effective Date and the Commitment Expiration Date.

F. Commitment Reduction / Termination: the unused portion of the Available Commitment

may be permanently reduced or terminated by MassDevelopment without penalty with

five business days’ written notice.

G. Offer Expiry Date: no earlier than 9/30/26.

IV. METHOD OF EVALUATION

Proposals submitted in accordance with this RFP will be evaluated by a selection committee

composed of MassDevelopment staff. MassDevelopment will use a variety of criteria to evaluate

the proposals. Such criteria may include proposed fees, net costs (borrowing costs net investment

earnings) flexibility of terms to MassDevelopment, Provider ratings, relative trading valuations

in the market, proposed length of the Facility, demonstrated experience of the Provider in

providing similar facilities to housing agencies, extent of credit approval at the time of submission,

and remaining steps and time for final credit approval. MassDevelopment may award the Facility

based on proposal(s) MassDevelopment deems best in its sole discretion, which may not be the

lowest bid.

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V. SCHEDULE AND INSTRUCTIONS

A. Submission and Due Date

Please submit a completed Bid Form (attached to the RFP as Exhibit B) via email to

taxexemptbonds@massdevelopment.com and copy jwu@massdevelopment.com, by 3:00 pm

Eastern Time on June 30, 2026. Please type “[Name of your Firm] – “Credit Facility” in the

subject line of the email.

Proposals may not be submitted by hard copy or facsimile. Proposals delivered after the date and

time due may be considered of deemed in the best interest of MassDevelopment.

B. Point of Contact

Any questions regarding this RFP or the selection process may only be made via email to Jacob

Wu at jwu@massdevelopment.com and taxexemptbonds@massdevelopment.com by June 16,

2026, at 5:00 pm. No firm submitting a proposal may make any inquiries with respect to this RFP

to any other MassDevelopment employee, Board member or any other state agency official until

final selections have been determined and publicly announced by MassDevelopment.

All questions must be submitted in writing by the time and date above. It is the responsibility of

respondents to ensure that they receive all information pertaining to this RFP by visiting the

website link listed above to check for any addenda or modifications. All responses will be

posted on the MassDevelopment website, www.massdevelopment.com (RFPs and RFQs -

MassDevelopment) on June 23, 2026, by 5:00 pm.

VI.

GENERAL PROVISIONS

MassDevelopment reserves the right to reject any or all responses or parts of responses, to

solicit new responses, and to enter into or not enter into any agreement(s) as it deems to be in

its best interest.

Diverse respondents are encouraged to submit responses. No respondent will be subject to

discrimination on the basis of race, color, sex, or national origin in consideration of the

responses.

MassDevelopment reserves the right to waive any informalities, minor deviations, insignificant

mistakes, and matters of form rather than substance and to seek clarification of any proposals,

which can be waived or corrected without material prejudice to other respondents, potential

respondents, or MassDevelopment. No officer or agent of MassDevelopment is authorized to

waive this reservation.

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Commodity Codes

• NAICS 236115New Single-Family Housing Construction (except For-Sale Builders)
• NAICS 236220Commercial and Institutional Building Construction

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