BOSTON – MassHousing has closed on $15.2 million in affordable housing financing to Preservation of Affordable Housing (POAH) to refinance the 104-unit Bridle Path Apartments in Randolph and extend the affordability for senior citizens living at the property for at least 32 years.
“We are pleased that the seniors living at Bridle Path will continue to enjoy their quality, affordable apartment homes well into the future,” said MassHousing Executive Director Chrystal Kornegay. “POAH shares MassHousing’s mission of confronting the housing challenges facing our residents and was committed to ensuring that this important affordable housing resource remained an option for senior citizens in Randolph.”
“POAH appreciates the opportunity to work with Rockport Mortgage Corporation and MassHousing to refinance and preserve this important affordable housing community in Randolph that is home to more than 100 senior residents, and we look forward to making important property improvements and continuing to offer significant support services so they can remain in the community,” said Aaron Gornstein, POAH President and CEO.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for 103 of the 104 apartments at Bridle Path. The contract will renew for an additional 12 years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 32 years. One apartment is rented at an unrestricted rate.
“Rockport Mortgage is pleased to once again work with the principals of POAH and MassHousing in preserving the affordability of Bridle Path Apartments,” said Dan Lyons, President of Rockport Mortgage. “The property will continue to serve as valuable affordable housing stock for the community of Randolph for many years to come.”
Bridle Path was constructed in 1984 at 164 Bittersweet Lane in Randolph and the 104 apartments are contained in three, three-story buildings that include 86 one-bedroom and 18 two-bedroom apartments, as well as a central community room and two smaller community rooms.
POAH plans some property improvements including new asphalt roofing, gutters and downspouts, and the subsurface scoping of sewer lines and tree trimming.
Bridle Path was refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has surpassed $1.75 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing is providing POAH with a $15.2 million, 35-year permanent loan.
MassHousing has financed two rental housing communities in Randolph involving 264 housing units with an original loan amount of $47.2 million. The Agency has also provided $121.3 million in financing to 724 Randolph homebuyers or homeowners.
