MassHousing has provided $32.7 million in affordable housing financing to an affiliate of Atlantic Tambone Management to preserve and extend the affordability for lower-income senior citizens and families for at least 31 years at the 194-unit Mountain View Terrace in Stoneham.

Developed in 1981 at 27 Mountain View Drive, Mountain View Terrace was refinanced by MassHousing in 2010, at which time the property was substantially renovated. The 194 units are contained in three, five-story apartment buildings and four, two-story townhouse buildings. All of the apartments are subsidized by a federal Section 8 Housing Assistance Payment contract, which has been extended by 20 years.

“We are pleased that the affordability for the lower-income seniors and families at Mountain View Terrace will be preserved for the long term,” said Chrystal Kornegay, executive director at MassHousing. “Our partnership with Atlantic Tambone Management and Rockport Mortgage will ensure that the residents can continue to live in Stoneham and for many of the senior citizens there, likely remain in the community where they have lived for many years.”

For comments, questions or concerns, please contact David Cohen