Boston – MassHousing has closed on approximately $29 million in affordable housing financing to the non-profit Wollaston Lutheran Housing, Inc., for the refinancing and extension of affordability for at least 20 years for lower-income senior citizens and residents with disabilities at the 151-unit Town Brook House in Quincy.
MassHousing is providing Wollaston Lutheran Housing, Inc. – a non-profit corporation sponsored by Wollaston Lutheran Church – with $28.994 million in permanent financing. The refinancing transaction extends affordability protections at Town Brook House and provides the property’s nonprofit owner with new capital to advance its affordable housing and social service work.
Located in an eight-story building at 45 Brackett St. in Quincy, Town Brook House consists of 136 one-bedroom apartment and 15 two-bedroom apartments. All the apartments, except one occupied by a property manager, are subsidized with a federal Section 8 Housing Assistance Payment contract, which will be extended for at least 20 years.