Boston – MassHousing has closed on $15.2 million in affordable housing financing to Preservation of Affordable Housing (POAH) to refinance the 104-unit Bridle Path Apartments in Randolph and extend the affordability for senior citizens living at the property for at least 32 years.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for 103 of the 104 apartments at Bridle Path. The contract will renew for an additional 12 years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 32 years. One apartment is rented at an unrestricted rate.
POAH plans some property improvements including new asphalt roofing, gutters and downspouts, and the subsurface scoping of sewer lines and tree trimming.
Bridle Path was constructed in 1984 at 164 Bittersweet Lane in Randolph and the 104 apartments are contained in three, three-story buildings that include 86 one-bedroom and 18 two-bedroom apartments, as well as a central community room and two smaller community rooms.
Bridle Path was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation.