Significant Funding Saves Elderly and Disabled Housing
- May 26, 2015
Boston—A new increase in financing is granting some residents an extension of affordability and drastic property improvements.
There will be $24.4 million in MassHousing financing going toward Hamilton Wade House and Douglas House in Brockton.
The Retirement Housing Foundation (RHF) bought the 84-unit Hamilton Wade House and the 158-unit Douglas House, both situated on Haverhill Street. As part of MassHousing’s financing, the owner will extend the two Section 8 Housing Assistance Payment contracts, extend the affordability for 240 apartments for at least 40 more years and provide two units for onsite maintenance staff.
“We are very pleased to be able to close this financing with RHF to make improvements on this important affordable housing in Brockton and to preserve and extend the affordability for the low-income senior citizens and disabled residents who live there,” said MassHousing Executive Director Thomas R. Gleason.
Out of the 240 rental apartments, 197 are one-bedroom and 43 are two-bedroom. There will be 216 units reserved for households where the head of the household is at least 62 years old, and 24 units will be set aside for adults who are mobility impaired, with no age restriction. Improvement plans for the property include window and door replacements, upgrades for two elevators and improvements to parking lots and walkways.
“RHF shares MassHousing’s commitment to preserving affordable housing for low-income seniors and persons with disabilities,” said Dr. Laverne Joseph, president and CEO of RHF. “We look forward to being a source of affordable housing in the Brockton area for the next 40 years and beyond.”
The Braintree-based Schochet Companies worked with RHF to help close the MassHousing financing.
“It was a pleasure working with MassHousing to ensure that Retirement Housing Foundation could preserve and improve this critical affordable housing resource in the city of Brockton,” said Richard L. Henken, president of the Schochet Companies. “It is gratifying to know that the low-income residents at the Hamilton Wade House and Douglas House will be protected for the long term and that they will benefit from the investment of more than $6.3 million in capital improvements.”