$8.9 Million State Loan Preserves Affordable Housing Units in Braintree
The Section 8 Proactive Preservation Program targets a group of affordable rental developments that were originally financed by MassHousing and are eligible to convert to market rates when those mortgages mature.
The following is a press release from the Massachusetts Housing Finance Agency. MassHousing announced a loan closing today of $8.9 million to preserve affordability for low-income senior citizens at the 100-unit Logan Park apartment community in Braintree. As a condition of the loan, Logan Park Associates Limited Partnership, an affiliate of SHP Acquisitions, which owns Logan Park, will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 100 apartments for the longest term possible—typically 20 years—when the current HAP contract expires in February 2014. Logan Park was built in 1984 at 193 Grove St., in Braintree and was originally financed by MassHousing. The original MassHousing …
