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Pine Estates in Brockton Secures $39M to Preserve Affordability for 30 Years
MassHousing has closed on a total of $38.5 million in affordable housing financing to Beacon Communities, LLC, to preserve affordability at two affordable housing communities in Brockton. The MassHousing financing will also allow Beacon Communities to complete approximately $10.7 million in combined property improvements.
MassHousing is providing Beacon Communities with $23.3 million in financing for the 168-unit Pine Commons, where approximately $6.6 million in property improvements are planned, and $15.2 million in financing for 120-unit Pine Gardens, where approximately $4.1 million in property improvements are planned.
Pine Commons and Pine Gardens were 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.
Section 8 HAP contracts at Pine Commons and Pine Gardens are in place until 2053, ensuring affordability for at least 30 years.
