BOSTON – MassHousing has provided $3.3 million in affordable housing financing to the nonprofit Newton Community Development Foundation, for the renovation of the historic Weeks School Apartments. The $3.3 million permanent loan from MassHousing will allow NCDF to undertake extensive exterior repairs at the 75-unit mixed-income community, including roof and masonry repairs, and windows and exterior door replacement.
“MassHousing is proud to support efforts by the Newton Community Development Foundation to reinvest in the Weeks School Apartments, to secure safe and modern affordable housing,” said MassHousing Executive Director Chrystal Kornegay. “Through NCDF’s thoughtful stewardship, this historic property will continue to serve Newton families for years to come.”
“All of us at NCDF are extremely grateful to MassHousing for providing the financing needed more than 40 years ago as we embarked upon developing an affordable housing portfolio here in Newton,” said NCDF Executive Director Jeanne Strickland. “That said, the continued guidance and support of MassHousing has been critical to our success in preserving the affordability as well as the infrastructures for many decades now. We look forward to continuing to collaborate with MassHousing as we share a common goal of providing high quality, well-managed affordable housing communities.”
Forty-two of the 75 units at the Weeks School Apartments are subsidized by a federal Section 8 Housing Assistance Payment Contract and are affordable to lower-income households. Thirty-two apartments are rented at market rates and one unit is occupied by a property manager.
The property consists of 44 one-bedroom apartments, 23 two-bedroom apartments, and 8 three-bedroom apartments.
The general contractor will be Essex Builders Corporation and the management agent is NCDF.
Last year, MassHousing provided NCDF with $9 million, for the modernization and preservation of the 50-unit Houghton Village community. MassHousing has financed or manages federal housing subsidies for 13 affordable rental housing communities in Newton totaling 1,348 units. The Agency has also provided $22.5 million in home mortgage financing for 134 homeowners in Newton.
