April 11, 2011
Loan To Keep Framingham Green Affordable
MassHousing is providing a $6.1-million loan to refinance Framingham Green, a 110-unit affordable apartment complex for seniors.
The loan will allow a subsidiary of Braintree's E.A. Fish Associates to refinance the property at 136 Maynard Rd. in Framingham. The deal requires the owner to seek to extend a Section-8 housing assistance contract for the apartments for the longest term possible, typically 20 years.
The agency is also loaning $8.8 million for a similar refinance deal at Valebrook Apartments in Lawrence, an affordable complex targeted to families. Without the loans, MassHousing said, the apartments might have had to convert to market-rate units.
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