MassHousing has provided $17.6 million in affordable housing financing to the Claremont Cos. for the refinancing of the 200-unit Solemar at South Dartmouth. The refinancing of the mixed-income senior citizen community preserves the affordability of the property’s 100 affordable units through 2034.

The Claremont Cos. refinanced the senior housing community through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD approves mortgages in the MAP program for Federal Housing Administration insurance.

The Solemar at South Dartmouth contains 200 mixed-income rental units across 25 buildings built in 1977. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are market rate.