Boston – MassHousing has closed on $28.8 million in affordable housing financing to Council of Elders Housing Corporation for the refinancing and extension of affordability at the 145-unit Council Tower in Roxbury.
As a result of the transaction, the Council Tower property, which houses lower-income senior citizens, will have affordability protections extended for 29 years. In addition to extending affordability, the 17-story housing community in Roxbury will undergo approximately $2 million in property improvements.
Council Tower has 28 studio apartments and 117 one-bedroom apartments. All but one of the 145 apartments are subsidized with a federal Section 8 Housing Assistance Payment contract. The property owner will extend the HAP contract for 20 years when the current contract expires in nine years. Among the property enhancements planned are a new fire alarm panel, replacement of the emergency call system, building façade repairs and general site improvements.
Council Tower was refinanced 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.