MassHousing has closed on $8.7 million in financing to extend affordability for more than 20 years for senior citizens and disabled residents living at the 50-unit Independence Manor II in Braintree. Independence Manor II LLC refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.
Built in 1981, the 50 one-bedroom units at the five-story Independence Manor II are subsidized by a federal Section 8 Housing Assistance Payment Contract. The property owner executed a new 20-year HAP contract, which will include one year remaining in the previous contract. The transaction will extend affordability at the property until 2046. The financing will also cover renovations.
“Independence Manor II provides quality affordable rental housing to its residents and MassHousing is pleased to complete this transaction which will ensure that affordability remains for more than two decades into the future,” said MassHousing CEO Chrystal Kornegay.
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