MassHousing Provides $25M Financing for Massachusetts Community
- Sep 03, 2020
Brookline Housing Authority (BHA) has borrowed $25 million for the extension of affordability for lower-income senior residents and improvements to Morse Apartments, a 99-unit community in Brookline, Mass. MassHousing provided the short- and long-term financing through the Agency’s Conduit Loan Program.
The proceeds will be used for both construction and permanent loans in partnership with Boston Private Bank & Trust. Renovations are scheduled to be completed by Summer 2022. Colantonio Inc. will serve as the general contractor, while BWA Architects as the architect.
Located at 90 Longwood Ave., the 10-story building was built in 1973 and provides convenient access to Coolidge Corner, Beacon and Harvard Streets, as well as to the Stop & Shop, Trader Joe’s and various restaurants. Using funds from the $18 million set aside for renovations, the borrower will proceed to unit improvements with new kitchens and baths, new windows, plumbing and common areas improvements, fire protection and HVAC upgrades.
Currently operated as federal public housing, BHA plans to convert the property to federal Project Based Section 8 subsidized housing, and 98 of the 99 units will be restricted to residents earning at or below 60 percent of the Area Median Income.