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Scattered-Site Boston Affordable Garners $31M Financing
MassHousing has closed on $31.4 million in affordable housing financing to The Community Builders, Inc. (TCB) for the refinancing and extension of affordability at the 219-unit Franklin Park Apartments in Boston. The refi came through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation.
TCB will extend rental assistance affordability protections for 155 of the 219 units at Franklin Park Apartments by an additional 29 years and will also complete approximately $1.5 million in property improvements at the 15-building housing community, located on 12 scattered sites in Dorchester and Roxbury.
“There remains a very clear need for safe, affordable housing not only within the city of Boston but all across the Commonwealth of Massachusetts,” said Rockport Mortgage president Dan Lyons. “We look forward to continuing our work with MassHousing and other mission-driven nonprofit developers like The Community Builders.”
- ◦Financing
