The 57-unit Nor-al Apartments will see extensive improvements and remain affordable for at least 20 years
BOSTON – February 6, 2015 – (RealEstateRama) — Low-income residents living in the 57-unit Nor-al Apartments in Dorchester will see significant property improvements and the extension of affordability for at least 20 years as a result of $8.3 million in MassHousing financing.
Nor-al Housing Associates, an affiliate of Wingate Development Corporation of Needham, is refinancing and rehabilitating the Nor-al Apartments and has extended the Section 8 Housing Assistance Payment (HAP) contract on the 57 apartments there for 20 years.
“The Nor-al Apartments have not been significantly renovated since 1972 so this financing is going to allow for a major renovation that will also keep the apartments affordable for the residents there for at least 20 years,” said MassHousing Executive Director Thomas R. Gleason.
Located in three buildings dating back to the early 1900s on Algonquin Street, Norfolk Street and Talbot Street in Dorchester, the Nor-al Apartments are comprised of 3 one-bedroom apartments, 5 two-bedroom apartments, 31 three-bedroom apartments and 18 four-bedroom apartments.
Among the improvements planned for the property are new windows, lead paint abatement, energy-saving improvements and accessibility improvements, including the creation of two fully accessible apartments and a lift to access them.
“Wingate is pleased to be part of MassHousing’s commitment to affordable housing in the Commonwealth,” said Wingate Development Vice President Robert Najarian.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $17 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
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