Boston – MassHousing has closed on $34.8 million in affordable housing financing to Beacon Communities LLC to refinance, renovate and preserve housing affordability at the 192-unit Woodlands at Abington Station in Abington.
Located at 9 Woodlands Way, the housing community consists of eight, 3-story walkup buildings in a campus-style layout with a fitness center, community room, playgrounds, tennis courts and a seasonal swimming pool. There are 78 one-bedroom apartments and 114 two-bedroom apartments.
Beacon Communities plans approximately $3.5 million in property improvements which includes new siding, downspouts, and gutters, roofing replacements, new windows, front doors, and patio sliders, replacement of balcony decking, replacement of select water heaters, and ground and asphalt repairs.
Developed in 2002 under Chapter 40B, 40 of the rental apartments at the property are affordable to households earning at or below 50 percent of the Area Median Income (AMI) and 152 apartments are rented at market rates. The AMI for Abington is $106,000 for a household of four.
MassHousing is providing Beacon Communities a $34.8 million, 35-year permanent loan. Woodlands at Abington Station 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 (HUD).