| 
Photo courtesy of MassHousing.
A Brighton housing community for seniors will stay affordable through 2052 thanks to a $44.8 million in financing from MassHousing.
The Covenant House I and II complex will also see significant property improvements as a result of the refinancing by nonprofit developer B’nai B’rith Housing.
B’nai B’rith Housing refinanced the Covenant House property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with partner lender Rockport Mortgage Corp. As a condition of the MassHousing financing, B’nai B’rith Housing extended two federal Section 8 Housing Assistance Payment Contracts on 199 apartments at Covenant House I and II for 20 years beyond the current contract maturity of 2032, extending affordability through 2052.
“Covenant House I and II have provided quality, affordable homes for low-income senior citizens in Brighton for many years and B’nai B’rith Housing was committed to ensuring that affordability at the properties will continue well into the future,” MassHousing Executive Director Chrystal Kornegay sid in a statement. “B’nai B’rith Housing is a creative, mission-driven developer, and MassHousing is pleased to support their efforts to create welcoming communities and invest in the needs of their residents.”
“This refinancing makes available additional resources that we can put to work to advance our mission of creating the high quality affordable housing options that our region so desperately needs,” B’nai B’rith Housing Executive Director Susan Gittelman said in a statement. “This is an exciting opportunity for us, and we are thankful to these key financial partners.”
Kornegay and Gittelman are both bimonthly Banker & Tradesman columnists.
As part of the refinancing of Covenant House I and II, B’nai B’rith Housing will make a number of property improvements, including accessibility upgrades, the replacement of bathtubs with walk-in showers, common area improvements and computer lab and fitness upgrades.
Located at 30 Washington St. in Brighton, Covenant House I was built in 1982 and Covenant House II was built in 1992. The housing community has 12 studio apartments, 180 one-bedroom apartments and 8 two-bedroom apartments. One apartment is occupied by site staff.
MassHousing’s MAP/Ginnie Mae loan program is offered in partnership with the U.S. Department of Housing and Urban Development. The MAP/Ginnie Mae financing allows owners of affordable rental housing to access a faster loan review process and lower interest rates.
