MassHousing closes $ 28.8 million refinancing for 145-unit council tower in Roxbury
BOSTON – Mass Housing closed $ 28.8 million in affordable housing funding in Seniors Council Housing Corporation for refinancing and extending accessibility to 145 housing units Council Tower in Roxbury.
As a result of the transaction, the Council Tower property, which houses low-income seniors, will enjoy extended affordability protections for 29 years. In addition to expanding affordability, the 17-story housing community in Roxbury will undergo approximately $ 2 million in property upgrades.
âMassHousing is pleased that the seniors living in the Council Tower are seeing their affordable rents extended over the long term,â said MassHousing General Manager Chrystal Kornegay. âMassHousing is partnering with mission-based affordable housing developers to benefit low-income households, and this transaction ensures Council Tower will continue to serve Boston residents for decades to come. “
âThe continued mission of the Council of Elders Housing Corporation is to serve this community and it is essential to preserve affordability for low-income seniors,â said Victoria Williams, Chair of the Council of Elders Housing Board of Directors. Corporation. âThe critical reinvestment in the building will not only have an impact on current residents, but it will also have a long-term impact on the ability of the Council of Elders Housing Corporation to create more affordable housing and provide services to seniors in the region. the community of Roxbury. “
Council Tower was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP) / Ginnie Mae joint venture initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP / Ginnie Mae Loan Program to rental home owners through the US Department of Housing and Urban Development (HUD). HUD provides Federal Housing Administration (FHA) expedited insurance approvals through the MAP program. MassHousing exceeded $ 1 billion in cumulative MAP loans, and the Agency implemented the largest MAP loan program of any state housing finance agency in the country.
The combination of FHA insurance and a Ginnie Mae guarantee allows borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending accessibility for hundreds of low-income people. income, seniors and families. MassHousing provides the Council of Elders Housing Corporation with a permanent loan of $ 28.8 million over 35 years.
âThe Council Tower’s convenient location in the Egleston Square area of ââRoxbury, close to transport, healthcare, shops and restaurants, is a real advantage for senior tenants,â said Dan Lyons , Managing Partner and President of Rockport Mortgage. âWe are very pleased to be working with Council of Elders Housing, the property management company, Rogerson Communities and MassHousing to ensure that the Council Tower remains a valuable housing asset for members of our senior community. “
The Council Tower, managed by Rogerson Communities, has 28 studios and 117 one-bedroom apartments. All but one of the 145 apartments are subsidized by a federal Section 8 housing assistance payment contract. The landlord will extend the HAP contract by 20 years when the current contract expires in nine years. One unit is occupied by a property manager.
Planned property improvements include a new fire alarm panel, replacement of the emergency call system, repairs to the building facade and general site improvements.
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