MassHousing has provided $2.5 million in affordable housing financing to Affordable Housing and Services Collaborative (AHSC) for the refinance of the 34-unit Majestic Apartments, a multifamily community for senior citizens and residents with disabilities in downtown Lowell, MASS.
Of the 34 apartments, 31 are restricted to households earning at or below 50 percent of the Area Median Income (AMI) and three units are supported by a federal Section 8 Housing Assistance Payment contract for lower-income households that will be renewed for 20 years. The Area Median Income for Lowell is $108,000 for a household of four. The Majestic Apartments are comprised of four studio apartments and 30 one-bedroom apartments in a five-story building at 445 Merrimack Street in downtown Lowell.
“We are pleased that this transaction will help ensure that the Majestic Apartments remain a quality affordable housing option for residents in downtown Lowell long into the future,” said Chrystal Kornegay, executive director at MassHousing. “AHSC shares MassHousing’s mission of providing affordable housing that will allow Massachusetts residents to prosper, and we were happy to be part of this transaction with them.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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