Affordable Housing Project Secures $7M Loan

BROCKTON, MA-MassHousing’s Board of Directors approved a $7.4 million loan commitment to preserve affordable housing for low-income elderly and handicapped residents at Bixby II and Brockton Centre Apartments in the downtown area.

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.