MassHousing Loans Fitchburg Complex $6.8M
The Massachusetts Housing Finance Agency has agreed to loan a Fitchburg apartment complex $6.8 million in order to keep it affordable for residents.
The MassHousing loan is part of an effort to extend the U.S. Housing and Urban Development Section 8 contract for the 140-unit Joseph's House complex at 279 Daniels St. The complex is owned by O'Connell Senior Living LLC of Holyoke. It is being refinanced through MassHousing's Section 8 Proactive Preservation Program.
The program's goal is to maintain affordability at Section 8 developments where Section 8 contracts are due to expire. The Joseph's House contract expires in 2013.
With the MassHousing loan, O'Connell will commit to requesting the renewal of the Section 8 contract for the longest term possible, up to 20 years. O'Connell will also agree to reserve 20 percent of the apartments at Joseph's House for low-income residents.
The complex includes two buildings, one of which was formerly a convent.
The MassHousing loan could carry a term of as long as 40 years.
Another complex, St. Michael's House in Northampton, was loaned $5.4 million under the same MassHousing program.
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