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MassHousing Provides $8M in Affordable Housing Financing for Newton MF Community
MassHousing has provided $8.1 million in affordable housing financing to the Newton Community Development Foundation (NCDF) to preserve and extend the affordability for lower-income senior citizens for at least 20 years at the 43-unit Casselman House in Newton.
The NCDF refinanced the 43-unit community through House through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The property was built in 1981 and is located at 195 Summer St. in Newton. All of the units at the community except for one are subsidized by a federal Section 8 Housing Assistance Payment contract. One unit is occupied by a property manager.
Improvements planned or completed at the property include asphalt shingle roof replacement, rubber membrane roof replacement, the relocation of satellite telecommunications equipment and upgrading environmental remediation pumps and equipment.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
