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MassHousing Secures $16M to Preserve Affordable Community for Seniors in Sharon
MassHousing has closed on $16.4 million in affordable housing financing to South Norfolk Elderly Housing Services, Inc., for the preservation and improvement of the 99-unit Stony Brook Court in Sharon, MA. As part of the transaction, affordability protections for senior citizens living at the property will be extended for at least 39 years.
As part of the transaction, South Norfolk Elderly Housing Services has executed a new 20-year federal Section 8 Housing Assistance Payment contract for 98 one- bedroom apartments at the two-story Stony Brook, which will include the 19 years remaining on the previous contract, for an overall extension of affordability of 39 years.
Additionally, South Norfolk Elderly Housing Services will undertake approximately $3.4 million in property improvements.
Stony Brook Court is refinanced through MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability.
- ◦Financing
