Boston – MassHousing has provided $8.1 million in affordable housing financing to the non-profit Newton Community Development Foundation (NCDF), to preserve and extend the affordability for lower-income senior citizens for at least 20 years at the 43-unit Casselman House in Newton.
NCDF refinanced Casselman House through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development(HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program.
The combination of FHA 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 NCDF with an $8.1 million, 35-year permanent loan.
Built in 1981 and located at 195 Summer St. in Newtown, Casselman House consists of 43 one-bedroom apartments contained in a single residential building. All but one of the age-restricted apartments are subsidized by a federal Section 8 Housing Assistance Payment contract. One unit is occupied by a property manager. As part of the transaction NCDF has extended the Section 8 HAP contract on 42 units, ensuring affordability restrictions at the property will remain for at least 20 additional years.
Improvements planned or completed at the property include asphalt shingle roof replacement, rubber membrane roof replacement, the relocation of satellite telecommunications equipment and upgrading environmental remediation pumps and equipment.