MassHousing has closed $31.8 million in loans that will finance property improvements and extend affordable rents into the future at affordable housing communities in Dorchester and Palmer.
Silver Street Development Corporation received $12.6 million in MassHousing financing to acquire and preserve the 76-unit Adams Templeton Apartments in Boston’s Dorchester neighborhood, a scattered-site development on Adams Street and Monsignor Patrick J. Lydon Way in Dorchester. Property improvements totaling $5.2 million will include new roofs, windows and flooring, four new elevators, masonry repairs, electrical upgrades and accessibility upgrades. As a condition of the MassHousing financing the owner has extended the federal Section 8 Housing Assistance Payment Contract on 73 apartments for another 20 years. MassHousing’s construction and permanent financing is being made through HUD’s 50/50 Risk Share program. The other major source of funding is equity from the sale of Low-Income Housing Tax Credits.
Beacon Communities LLC will use $19.2 million in MassHousing financing to rehabilitate and recapitalize the 35-year old, 156-unit Palmer Green Estates in the Hampden County town of Palmer, Massachusetts. Palmer Green comprises 55% of all the affordable housing stock in Palmer. Beacon will upgrade boilers, renovate apartment kitchens and bathrooms, and replace all roofing, siding, windows and exterior doors. All 156 units are covered by a federal Section 8 Housing Assistance Payment Contract, which Beacon has extended for 20 years. The financing package included an $11.2 million construction and permanent loan through the HUD 50/50 Risk Share Program, a $4.2 million subordinate loan and a $3.6 million syndication bridge loan. In addition to the MassHousing financing Palmer Green will receive funding through the use of Low-Income Housing Tax Credits. Of the 156 units, 88 are restricted for senior residents and the remaining 68 are unrestricted.