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MassHousing Funds Expansion of Senior Rentals in Newton
MassHousing has closed on a total of $23.5 million in affordable housing financing to the nonprofit 2Life Communities for the expansion of the Golda Meir House in Newton, MA. The financing will allow 2Life Communities to construct 68 new rental homes for seniors, including deeply affordable units for very low-income households.
The project will expand the existing 199-unit Golda Meir House, adding 68 new apartment homes. Completion is expected in spring 2023.
MassHousing provided 2Life Communities with an $8.1-million tax-exempt construction and permanent loan and $15.4 million in tax credit equity bridge financing.
Other financing sources include $17 million in state and federal Low Income Housing Tax Credit equity, $3 million in state funding, and $2 million from the Affordable Housing Trust Fund. The transaction also involved $4.7 million from the City of Newton, $4 million in HUD Section 202 Capital Advance Funds, and approximately $3 million in sponsor loans.
- ◦Financing
