We recently announced the closing of $18 million in financing for Voke Lofts, the conversion of a former school building into 84 units of affordable housing. Voke Lofts is the seventeenth development MassHousing has financed in the 2013 fiscal year, which ends June 30, and more are on the way.
Thus far in FY 2013, MassHousing has closed a total of $143.7 million in financing to create or preserve 1,585 units at 17 developments. This includes three loans for more than $20 million to create 205 new units of affordable rental housing, and $124 million to preserve the affordability of 1,380 units at 14 existing rental communities. Among the projects is the second phase of the redevelopment of Old Colony in South Boston, one of the oldest public housing communities in the country and the most distressed in the city of Boston, which received a total of $33.4 million in MassHousing financing.
And our rental lending pipeline suggests that even more closings are forthcoming. MassHousing is working to finalize more than $255 million in financing to create or preserve more than 2,100 rental units at a number of communities across the Commonwealth. Most notable of these developments is the preservation of the 967-unit Georgetowne Homes in Boston's Hyde Park neighborhood, which would be the largest ever transaction in MassHousing's history.
Said Monte Stanford, MassHousing's Director of Rental Lending, "Preserving and increasing the stock of quality affordable rental housing is key to the Massachusetts economy. We've accomplished quite a bit on that front both this year and throughout MassHousing's history. But we know there's more work to be done."