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MassHousing Provides $33M Financing for Roxbury MF Rehab
MassHousing provided a total of $32.8 million in affordable housing financing to the Madison Park Development Corp. (MPDC) for the rehabilitation of the Haynes House, a 131-unit multifamily community in Boston’s Roxbury neighborhood.
Located at 735 Shawmut Ave., Haynes House has 26 one-bedroom and 105 two-bedroom apartments. Of the 131 units, 16 will be occupied by low-income households earning at or below 30% of the area median income (AMI), 89 will be for households earning at or below 60% of AMI, 19 will be for households earning at or below 80% of AMI and seven will be rented at market rates. The AMI for Boston is $107,800 for a family of four.
MassHousing is providing MPDC with a $9 million construction and permanent loan, a $21.4 million bridge loan and $2.7 million from the Agency’s $100 million Opportunity Fund. The transaction also includes a total of $17.2 million in federal Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing and Community Development (DHCD).
For comments, questions or concerns, please contact David Cohen
- ◦Financing
- ◦Development
