The Massachusetts Housing Partnership (MHP) has signed an agreement with Fannie Mae, becoming the first Fannie Mae multifamily affordable lender in New England.

MHP will now have access to up $100 million in Fannie Mae funds to finance new affordable rental developments. Fannie will fund up to half the loan if agreed-upon underwriting standards are met, increasing MHP’s ability to fund new rental developments. MHP’s total budget is approximately $1.2 billion.

Managing director Mark Curtiss said MHP intends to use the Fannie money to help fund large development projects. Though the agency operates throughout the state and is not focused on any particular region, such projects are more likely to be in suburban areas in the Eastern part of the state, Curtiss said.

"MHP’s mission is to create affordable housing, and this is going to be an important resource for us to expand our impact and get more affordable units built," said Curtiss. 

MHP will service the loans, inspect the property, and make sure affordability requirements are met.

The program has already put through its first loan, a $22 million deal with Criterion Development Partners for the firm’s Windsor Woods development in Canton. The project includes 159 rental units, 40 of which will be affordable to households at 80 percent of median income.