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."