MassHousing Provides Affordable Portfolio Loan
Preservation of Affordable Housing received the short-term financing for the purchase and initial rehabilitation of 227 units in Attleboro, Mass.
Gardner Terrace II. Image courtesy of MassHousing
MassHousing has arranged a combined $17.2 million in financing for three affordable housing communities in Attleboro, Mass. Preservation of Affordable Housing (POAH) received the short-term loan for the acquisition and initial rehabilitation of the 83-unit Hebronville Mill and the 144-unit Gardner Terrace I and II properties.
Originally constructed in the 1850s as a cotton production facility, Hebronville Mill was converted to housing in 1985. The six-building community is located at 988 Read St. and encompasses 40 units restricted to residents earning at or below 80 percent of the area median income, with 32 of these units supported by the Massachusetts Rental Voucher Program. The remaining 43 apartments are rented at market rates. The property received a total of $5.9 million from MassHousing.
Located at 46 Pine St. and 169 Knight Ave., Gardner Terrace I and II received a combined $11.3 million. Both properties are historic buildings, originally constructed in the 1850s and converted to housing in 1984. The 92- and 52-unit communities have one-bedroom apartments supported by federal Section 8 Housing Assistance Payment contracts for lower-income households.
In early August, MassHousing provided $87.2 million in financing for the modernization and preservation of a 300-unit affordable housing community in Cambridge, Mass. The loan enables the owner to extend affordability protections for 15 years.
