Banker & Tradesman: MassHousing Closes On $9.3M Loans For Affordable Housing In Dorchester
WASHINGTON, D.C. – July 30, 2014 – (RealEstateRama) — MassHousing has closed on $9.3 million in loans to preserve and update affordable housing units in Dorchester.
The Lionhead Apartments are being acquired and renovated by the Abrams Development Co. As a condition of the financing, the owner has executed a 20-year extension to the Section 8 Housing Assistance Payment (HAP) contract, extending the property’s affordability for 30 years as a condition of the use of Low Income Housing Tax Credits which generated nearly $6 million in equity for the acquisition and renovation of the property.
“The Lionhead Apartments have been a good source of affordable housing for the residents who live there and they will continue to be with these loan closings,” MassHousing Executive Director Thomas R. Gleason said in a statement. “The property is also in need of some renovations and the owner will be able to do that as well.”
