Financing involves 750 units in rental communities in Boston, Brookline, Pittsfield and Lawrence
MassHousing recently closed $104.3 million in financing for affordable rental communities in Boston, Brookline, Pittsfield and Lawrence preserving 750 units of housing and allowing for property improvements.
Residents living at the 120-unit Berkshire Peak Apartments in Pittsfield will see the extension of affordability for at least 40 years and moderate property improvements as a result of $9.9 million in MassHousing financing.
Beacon Communities LLC, which owns Berkshire Peak, refinanced the property. MassHousing provided a $4.1 million construction and permanent loan and a $5.8 million bridge loan. Other financing was provided through the use of state and federal Low-Income Housing Tax Credits, the state Department of Housing and Community Development (DHCD) and the city of Pittsfield. An additional $1.5 million was provided through the Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD. Additionally, 75 apartments are covered by a federal Section 8 Housing Assistance Payment Contract (HAP).
Among the planned property improvements are the resurfacing of parking lots and walkways, exterior and entranceway repairs and apartment floor replacement. Nine of the apartments will be made accessible with three of those apartments made accessible for the sight and hearing-impaired.
Residents living at the 38-unit Berkeley Place in Lawrence will see affordability extended for at least 20 years and significant property improvements as a result of $1.4 million in MassHousing financing.
Berkeley Place is owned by Lawrence CommunityWorks (LCW), a non-profit Lawrence-based Community Development Corporation that acquires and develops properties for affordable homeownership and rental opportunities and provides a host of services for the community including financial literacy, asset building, youth empowerment, homebuyer education and homeowner counseling.
LCW refinanced Berkeley Place with MassHousing’s loan program through the Federal Financing Bank (FFB). As part of the financing, all 38 apartments will remain affordable for lower and moderate-income residents for at least 20 years and fund property renovations including kitchen and bathroom upgrades, entry stair repairs, playground improvements, masonry repair and other building improvements.
The FFB program resulted from a partnership established in 2015 with the U.S. Department of the Treasury, the U.S. Department of Housing and Urban Development (HUD), and state Housing Finance Agencies (HFAs) including MassHousing.
An affiliate of EA Fish Development closed $40 million in MassHousing financing for the 285-unit Blue Elm United Estates in Roxbury. The owner refinanced the property through MassHousing's MAP/Ginnie Mae Joint Venture Initiative with Rockport Mortgage Corporation as MassHousing’s MAP Lender Partner.
All 285 units are covered by federal Section 8 HAP contracts. The owner has agreed to extend the HAP contracts when they expire in 2024 and 2025.
MassHousing offers the loan program through HUD to the owners of rental housing communities, which provides lower interest rates and a faster review process while preserving and extending affordability for hundreds of low-income senior citizens and families.
An affiliate of WinnCompanies closed $41 million in financing for the 191-unit Village at Brookline and $12 million in financing for the 116-unit Village at Brookline – Kent Street, both through the FFB program. The owner refinanced the Brookline properties.
As part of the MassHousing financing, 160 of the 191 families at Village at Brookline, and 115 of the 116 families at Kent Street received Section 8 project based or enhanced vouchers.