MassHousing made the loan commitment to Affordable Housing and Services Collaborative and Edward A. Fish Associates for the acquisition and rehabilitation of the two properties. In exchange for the financing, the owners agreed to renew and extend the developments' Section 8 contracts and maintain affordability for at least 40 years.
In addition to the financing from MassHousing, the developer has requested the use of Low Income Housing Tax Credits. The sale of these tax credits is expected to raise an additional $2.4 million in equity for the project.
"Bixby II and Brockton Centre are an important affordable-housing resource for the City of Brockton," says MassHousing executive director Thomas R. Gleason. "Because of our loan commitment, the owners will be able to rehabilitate the buildings and preserve affordability for the development's low-income seniors for the next 40 years."
Bixby II and Brockton Centre Apartments are two existing mid-rise subsidized rental developments located at 103 and 106 Main St. across the street from each other. They include a total of 106 units of low-income rental housing for elderly and handicapped residents.
The properties were originally developed in the early 1980s under the HUD 202 urban renewal financing program and are in need of upgrading. The owners plan to repair the roofs, replace windows, boilers and siding, and upgrade units with new countertops and cabinets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
