Lynn, MA – MassHousing has closed on $10 million in affordable housing financing to Preservation of Affordable Housing (POAH), to refinance the 65-unit Chestnut Gardens Apartments in Lynn and extend affordability protections for lower-income senior citizens and residents with disabilities living at the property for at least 25 years.
“Chestnut Gardens in Lynn is an affordable housing resource for seniors and residents with disabilities. We are pleased that this transaction will preserve and extend affordability at Chestnut Gardens for at least 25 years,” said MassHousing executive director, Chrystal Kornegay. “POAH was committed to ensuring the residents of Chestnut Gardens will continue to have quality affordable apartment homes that create housing stability and offer economic opportunity.”
“POAH was pleased to work with Rockport Mortgage, MassHousing and HUD for the refinancing of Chestnut Gardens, which will help us extend the Section 8 subsidy contract and make upgrades that further address the needs of seniors and disabled individuals at Chestnut Gardens. This is one of several affordable housing communities that POAH has refinanced or will refinance with the support of the MassHousing MAP/Ginnie Mae Joint Venture refinancing program in Massachusetts,” said POAH CEO, Aaron Gornstein.
Chestnut Gardens was originally constructed in 1895 and was substantially rehabilitated in 1982, with another renovation in 2008. The 4-story building contains 55 one-bedroom and 10 two-bedroom apartments.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for the 65 apartments at Chestnut Gardens. The contract will renew for an additional five years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 25 years.