MassHousing lends $103M in loans to affordable housing projects

Boston Business Journal | By Jessica Bartlett
March 8, 2017

MassHousing said it’s on pace for a record-breaking year for lending, recently closing $102.7 million in financing to help rehab four affordable housing projects.

The financing will help the four communities refinance existing loans as well as enable the owners to undertake a combined $55.2 million in renovations.

The agency is on track to exceed the 40-50 rental loans and $1.7 billion in financing distributed to properties last year.

The four recent projects involve a combined 711 apartments, and all house low-income elderly populations.

Among the projects receiving financing is Roxbury-based Smith House. Owned by Madison Park Community Development Corporation, the financing includes a $13.4 million construction and permanent loan and another $16 million bridge loan — a shorter-term loan that provides funding while a property waits on equity from the sale of Low Income Tax Credits.

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