Homeowners Rehab Receives $21M Financing for Auburn Court Additions, Upgrades
- Dec 16, 2016
Boston—MassHousing has provided $21.4 million to the nonprofit Homeowners Rehab Inc. to finance upgrades for existing units, as well as the construction of nine new units, at the Auburn Court apartment community within the University Park campus at MIT. By refinancing with MassHousing, the owner was able to pay off $3.65 million in existing debt and secure a fully amortizing 30-year loan at 3.53 percent.
Auburn Court was built in 1995 with MassHousing financing as part of University Park, which was developed by Forest City and is owned by MIT. Of the 86 apartments—including the nine to be completed in early 2018—17 are one-bedrooms, 46 are two-bedrooms and 23 are three-bedrooms.
The property currently has 77 units in eight mid- and low-rise buildings, 39 of which are for low-income households and seven of which are for moderate-income households. The remaining 31 units are market rate. The 48 units set aside for low-income persons are covered by a federal Section 8 Housing Assistance Payment Contract and will remain affordable for at least 50 years as a condition of the loan agreement.
The nine new units will all be affordable to low-income households. The development is close to public transit, educational institutions and other amenities, providing access to community resources for Auburn Court residents.
Renovations planned for the property include new heating systems and baseboards, new windows, new kitchens and bathrooms, and renovating four existing accessible units and adding a new accessible unit. Green technologies will be incorporated into the property, including a rooftop solar thermal system for domestic hot water, EnergyStar appliances, LED lighting, and low-flow aerators and showerheads. The new building is expected to achieve LEED Gold certification.