MassHousing recently closed $67.8 million for four affordable housing communities in Boston, Cambridge, Hyannis and Lawrence involving 459 units of housing.
Residents living at the 86-unit Auburn Court in Cambridge will see the extension of affordability and property improvements as a result of $21.4 million in MassHousing financing.
Homeowner’s Rehab, Inc. is adding nine new affordable units as part of the rehabilitation project that will include new heating systems and baseboards, new windows, and new kitchens and bathrooms. Of the 86 apartments, 48 are covered by a federal HAP contract that was extended for 20 years as a result of the MassHousing financing. An additional 7 units will be rented as workforce housing for middle-income residents and 31 apartments will be rented at market rates.
Residents at the 32-unit Founders Court in Hyannis will see significant property improvements as a result of $3 million in MassHousing Financing. Preservation of Affordable Housing (POAH) has acquired Founders Court and plans to replace siding, windows, building entry doors and roof dormers and make interior upgrades to kitchens, bathrooms and flooring.
Of the 32 units, 27 are affordable and 5 are rented at market rates.
Senior citizens living at the 198-unit Essex Towers in Lawrence will have affordable rents extended and see some moderate property improvements as a result of $15.8 million in MassHousing financing. An affiliate of APT Asset Management, Inc., which owns Essex Towers, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corporation. As a condition of the MassHousing financing, the owner extended the federal Section 8 Housing Assistance Payment (HAP) contracts on all 198 apartments at Essex Towers for 20 years, extending affordability through 2036.
MassHousing also closed $27.6 million in financing to Beacon Communities LLC for the 143-unit Rockingham Glen in West Roxbury through MassHousing’s loan program through the Federal Financing Bank and HUD.
The transaction involved Beacon Communities acquiring the property with a Chapter 40T exemption approved by the state Department of Housing and Community Development (DHCD). Beacon Communities made a commitment to deeper levels and lengths of affordability that allows Rockingham Glen to continue serving households at various income levels. This commitment included an increase in the number of apartments for lower-income residents earning at or below 50% of the area median income (AMI) from 7 to 29. Additionally, 14 units will be set aside for moderate-income residents earing at or below 80% AMI. The remaining 100 units will be rented at market rates. The owner will also be renovating 7 of the apartments to meet accessibility requirements.