Bedford, MA – MassHousing has provided a total of $22.4 million in affordable housing financing to an affiliate of Preservation of Affordable Housing (POAH) for the acquisition, rehabilitation and long-term preservation of affordability at the 96-unit Bedford Village and the 14-unit 447 Concord in Bedford. POAH plans to make extensive property renovations to both housing communities.
The transaction will also resolve the expired Section 13A mortgage on 43 units at Bedford Village and support the continued tenancies of those residents without substantial rent increases. Overall, affordability will be preserved at both housing communities for at least 30 years.
MassHousing is providing POAH with an $8.2 million construction and permanent loan, a $9.2 million tax credit equity bridge loan, and a $5 million 13A preservation loan. The MassHousing financing generated $7.5 million in Low-Income Housing Tax Credit equity for the project.
Of the 96 units at Bedford Village, 62 will be for households earning at or below 60% of the Area Median Income (AMI), 7 units will be for households earning at or below 80% of AMI and 27 units will be for households earning at or below 100% of AMI. The Area Median Income for Bedford is $107,800 for a family of four. Nineteen of the units under the 60% of AMI tier are subsidized through the Massachusetts Rental Voucher Program.