[[{“value”:”
MassHousing Secures $8.7M to Extend Affordability for Braintree Senior Housing
MassHousing has closed on $8.7 million in financing to preserve long-term affordability at Independence Manor II, a senior housing complex in Braintree, Massachusetts. The financing will ensure that the 50-unit property remains affordable for senior citizens and residents with disabilities for more than two decades.
Independence Manor II LLC refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program in partnership with Rockport Mortgage Corporation.
Originally built in 1981, Independence Manor II consists of 50 one-bedroom units across five stories. All apartments are subsidized through a federal Section 8 Housing Assistance Payment (HAP) contract. As part of the deal, a new 20-year HAP contract was signed, extending affordability at the property until 2046. The financing will also support planned renovations to improve the quality of the housing.
“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.
This funding underscores MassHousing’s commitment to maintaining affordable housing for vulnerable populations across the Commonwealth.
“}]]
