Covenant House
Boston – Senior citizens living at the 200-unit Covenant House I and II housing community in Brighton have had affordable rents extended through 2052 and will see significant property improvements as a result of $44.8 million in MassHousing affordable housing financing to the nonprofit developer B’nai B’rith Housing.
As part of the refinancing, a number of property improvements will be made, including accessibility upgrades, the replacement of bathtubs with walk-in showers, common area improvements, and computer lab and fitness upgrades.
B’nai B’rith Housing refinanced the Covenant House property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corporation.
As a condition of the MassHousing financing, B’nai B’rith Housing extended two federal Section 8 Housing Assistance Payment Contracts on 199 apartments at Covenant House I and II for 20 years beyond the current contract maturity of 2032, extending affordability through 2052.
