MassHousing said Monday that it has closed $171.2 million in loans for the acquisition, renovation, and preservation of affordability of the 967-unit Georgetowne Homes in Boston’s Hyde Park neighborhood.
The transaction is the largest in MassHousing’s 47-year history for a single rental housing development and the largest preservation of affordable housing in state history, said MassHousing, a quasi-public agency charged with providing financing for affordable housing in Massachusetts.
The Georgetowne Homes are being acquired and rehabilitated by an affiliate of Beacon Communities LLC of Boston. As a condition of the financing, Beacon Communities will extend two federal Section 8 Housing Assistance Payment contracts covering 681 apartments, extending their affordability to low-income families. The remaining 286 units will remain affordable as a result of the use of Low-Income Housing Tax Credits.
In a statement, MassHousing executive director Thomas R. Gleason said, “It is much more cost effective to preserve our affordable housing stock over building new housing, and Georgetowne Homes will also receive extensive renovations that will keep the property in good condition for the long term.’’
MassHousing said it provided $116.9 million in construction and permanent financing and $52.4 million in bridge financing. An additional $1.9 million in financing was provided from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development, and $2 million was provided by the City of Boston.