MassHousing recently closed $114 million in financing for property renovations and to extend affordability at three affordable housing communities in Brighton, Braintree and Malden.
Senior citizens living at the 209-unit Genesis House in Brighton have had their affordability extended for at least 30 years and will see significant property improvements with the closing of $56.7 million in MassHousing financing.
Genesis House is owned by Jewish Community Housing for the Elderly (JCHE) and is part of JCHE's 700-unit supportive housing campus in Brighton. As part of the MassHousing financing JCHE has extended the federal Section 8 Housing Assistance Payment Contract on 208 apartments for 20 years. One unit is occupied by a property manager.
In addition to MassHousing's tax-exempt construction and permanent financing, the refinancing and renovation effort is also being financed by the use of Low-Income Housing Tax Credits, which will ensure affordability at Genesis House for 30 years.
Families living at the 324-unit Braintree Village Apartments in Braintree will see affordability extended and significant property improvements as a result of $40.5 million in MassHousing financing.
Braintree Village Limited Partnership refinanced Braintree Village with MassHousing's loan program through the Federal Financing Bank (FFB). As part of the financing, 30% of the units – or 98 apartments - will remain affordable for lower-income residents.
Residents living at the 94-unit Robinson Cuticura Mill Apartments in Malden will see affordability extended for at least 20 years as a result of $16.8 million in MassHousing financing.
An affiliate of Beacon Communities, LLC, which owns the Robinson Cuticura Mill Apartments, refinanced the property through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with lender partner Rockport Mortgage Corporation.
As a condition of the financing, the owner extended the federal Section 8 Housing Assistance Payment contract of 93 of the apartments for 20 years. One apartment is occupied by a property manager.