MassHousing has provided $25 million in affordable housing financing to the Brookline Housing Authority for improvements and to extend the affordability of the 99-unit Morse Apartments in Brookline.

The funds will go towards the rehabilitation of Morse Apartments with $25 million short and longer-term financing through the Agency’s Conduit Loan Program.  MassHousing issued tax-exempt housing revenue bonds and the proceeds will be used to fund both construction and permanent loans in partnership with Boston Private Bank & Trust. The MassHousing conduit loan also generated $17.2 million in equity financing for the project through federal Low-Income Housing Tax Credits.

“This transaction means that the lower-income seniors who live at Morse Apartments will not only have their affordability extended but will also see extensive improvements to the property and their homes,” said Chrystal Kornegay executive director at MassHousing. “We were pleased to partner with the BHA and Boston Private Bank to preserve these affordable homes so that these elderly residents can continue to live and thrive in a community like Brookline that has very high housing costs.”

For comments, questions or concerns, please contact David Cohen