BOSTON– In a critical move to preserve affordable housing for seniors and disabled residents, MassHousing has announced the closing of $8.7 million in financing to extend affordability at the 50-unit Independence Manor II in Braintree for more than 20 additional years.
The refinancing was completed through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program in collaboration with Rockport Mortgage Corporation, the lending partner on the transaction.
All 50 units at Independence Manor II — one-bedroom apartments in a five-story building — are covered under a federal Section 8 Housing Assistance Payment (HAP) contract. As part of the refinancing, the property owner, Independence Manor II LLC, signed a new 20-year HAP agreement that overlaps with the final year of the previous contract, effectively securing affordability for residents through 2046.
“This transaction ensures that the elderly and disabled residents of Independence Manor II will continue to have access to quality, affordable housing well into the future,” said MassHousing CEO Chrystal Kornegay. “We are proud to support housing stability and dignity for seniors in Braintree.”
In addition to preserving affordability, the refinancing includes $335,000 in property improvements — about $6,700 per unit — aimed at enhancing the living environment for residents. The updates will address general maintenance and upgrades to improve the quality of life at the property.
Originally built in 1981 under HUD’s Section 202 program, Independence Manor II is part of a broader senior housing campus that includes Independence Manor I (95 units) and Independence Manor III (16 units). Located approximately 1.5 miles from South Braintree Square and Quincy Center, the development offers convenient access to public transportation, local amenities, and civic services. MBTA bus service connects residents to the nearby Quincy Adams Red Line station.
Independence Manor II also features a community room, dining room, and craft room, which serve as gathering spaces for social and wellness activities.
James Baghai, Vice President of Rockport Mortgage, emphasized the importance of maintaining affordable options for aging residents: “Demand for affordable housing continues to rise, especially in communities like Braintree, where housing supply is very limited. We’re proud to partner with MassHousing and Independence Manor II’s ownership to preserve this vital resource.”
The MAP/Ginnie Mae program, which combines Federal Housing Administration (FHA) insurance with a Ginnie Mae guarantee, allows for low-interest, long-term financing for property owners. MassHousing has provided more than $2.5 billion in MAP loans, making it the nation’s top state housing finance agency for MAP lending.
The 35-year permanent loan to Independence Manor II LLC ensures the continued viability and sustainability of this important housing development — a step that strengthens Braintree’s commitment to its senior community.
