MassHousing has closed on $15.2 million in affordable housing financing to Preservation of Affordable Housing (POAH) to make improvements and extend the affordability for seniors living at the Bridle Path Apartments in Randolph, Massachusetts.
“We are pleased that the seniors living at Bridle Path will continue to enjoy their quality, affordable apartment homes well into the future,” said Chrystal Kornegay, MassHousing executive director. “POAH shares MassHousing’s mission of confronting the housing challenges facing our residents and was committed to ensuring that this important affordable housing resource remained an option for senior citizens in Randolph.”
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment contract for 103 of the 104 apartments at Bridle Path. The contract will renew for an additional 12 years, the number of years remaining on the previous contract, for an overall extension of affordability of 32 years. One apartment is rented at an unrestricted rate.
“POAH appreciates the opportunity to work with Rockport Mortgage Corp. and MassHousing to refinance and preserve this important affordable housing community in Randolph that is home to more than 100 senior residents, and we look forward to making important property improvements and continuing to offer significant support services so they can remain in the community,” said Aaron Gornstein, president and CEO of the Boston-based nonprofit.
Bridle Path was constructed in 1984, and the apartments are contained in three three-story buildings that include 86 one- and 18 two-bedroom apartments, as well as a central community room and two smaller community rooms.
POAH has plans for some property improvements, including new asphalt roofing, gutters, and downspouts, as well as the subsurface scoping of sewer lines and tree trimming.
Bridle Path was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to owners of rental housing through the Department of Housing and Urban Development (HUD).
The combination of Federal Housing Administration insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing is providing POAH with a $15.2 million, 35-year permanent loan.
