Politics & Government
$8.9 Million State Loan Preserves Affordable Housing Units in Braintree
The Section 8 Proactive Preservation Program targets a group of affordable rental developments that were originally financed by MassHousing and are eligible to convert to market rates when those mortgages mature.
The following is a press release from the Massachusetts Housing Finance Agency.
MassHousing announced a loan closing today of $8.9 million to preserve affordability for low-income senior citizens at the 100-unit Logan Park apartment community in Braintree.
As a condition of the loan, Logan Park Associates Limited Partnership, an affiliate of SHP Acquisitions, which owns
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Logan Park, will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 100 apartments for the longest term possible—typically 20 years—when the current HAP contract expires in February 2014.
Logan Park was built in 1984 at 193 Grove St., in Braintree and was originally financed by MassHousing. The original
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MassHousing loan will mature in April 2014. Logan Park was refinanced through MassHousing’s Section 8 Proactive Preservation Program, which seeks to extend affordability at developments where Section 8 HAP contracts are due to expire.
“Logan Park has been well managed and well maintained for nearly 30 years and we are pleased this financing will keep it affordable for the long term for the seniors who live there,” said MassHousing Executive Director Thomas R. Gleason.
The 100 apartments are located in one four-story building. There are 25 studio units and 75 one-bedroom apartments.
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