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MassHousing Provides $29M Refinancing for Affordable Housing Community in Quincy
MassHousing has provided $28.9 million in affordable housing financing to non-profit Wollaston Lutheran Housing for the refinancing and extension of affordability for at least 20 years for lower-income senior citizens and residents with disabilities at the 151-unit Town Brook House in Quincy.
Located in an eight-story building at 45 Brackett St., Town Brook House consists of 136 one-bedroom apartment and 15 two-bedroom apartments. All of the apartments, except one occupied by a property manager, are subsidized with a federal Section 8 Housing Assistance Payment contract, which will be extended for at least 20 years. The refinancing transaction extends affordability protections and provides the property owner with new capital to advance its affordable housing and social service work.
“This transaction will not only preserve the affordability for the residents at Town Brook House for at least 20 years, it will also enhance Wollaston Lutheran Housing’s mission-based work of providing important social services for Quincy-area residents and developing more affordable housing,” said Chrystal Kornegay, executive director at MassHousing.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
