$15M MassHousing Refi Ensures Multifam Affordability for Seniors in Randolph
MassHousing has closed on $15.2 million in affordable housing financing to Preservation of Affordable Housing to refinance the 104-unit Bridle Path Apartments in Randolph and extend the affordability for senior citizens living at the property for at least 32 years.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for 103 of the 104 apartments at Bridle Path. The contract will renew for an additional 12 years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 32 years. One apartment is rented at an unrestricted rate.
Bridle Path was refinanced through MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. To date, MassHousing has surpassed $1.75 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
- ◦Financing
