MassHousing’s Affordable Extensions and Renovations Financing

The Massachusetts Housing Finance Agency (MassHousing) is financing affordable rent extensions and property renovations on 249 apartment units between two properties in Boston’s Chinatown area. MassHousing is funding a total of $59 million from the use of Low-Income Housing Tax Credits for the 161-unit Quincy Tower at 5 Oak St. West, and the 88-unit Oak Terrace Apartments at 888 Washington St.

Beacon Communities LLC will use $42.5 million of the financing (and other funding sources) to refinance Quincy Tower, and to complete nearly $12 million in upgrades. Meanwhile, the Asian Community Development Corp. is using $16.6 million of the financing to refinance and complete $10 million in renovations for the Oak Terrace Apartments.

The two transactions mean long-term residents and families will be able to remain in their apartments, in what is becoming one of the city’s most expensive housing markets.

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