Senior citizens living at the 198-unit Essex Towers in the Gateway City of Lawrence will have affordable rents extended through 2036 and see some moderate property improvements as a result of $15.8 million in MassHousing financing.
An affiliate of APT Asset Management Inc., which owns Essex Towers, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae joint venture initiative with Rockport Mortgage Corporation.
As a condition of the MassHousing financing, the owner extended the federal Section 8 Housing Assistance Payment Contract on all 198 apartments at Essex Towers for 20 years beyond the current maturity of 2018, extending affordability through 2038.
“It is important to have local support for affordable housing and Mayor [Daniel] Rivera and the Lawrence community were important partners in ensuring that the senior citizens living at Essex Towers will continue to have affordable rents for at least another 20 years,” MassHousing Executive Director Timothy C. Sullivan said in a statement. “We’re pleased that Mayor Rivera is a member of MassHousing’s Multifamily Advisory Committee and will lend his expertise in creating more housing opportunities for the citizens of Lawrence.”
The Essex Towers were built in 1979 and originally financed by MassHousing. The 198 one-bedroom apartments are contained in two 9-story buildings at 18 Franklin St. and 45 Broadway in downtown Lawrence.
There is a strong need for affordable housing in Lawrence, where U.S. Census data reported that 78.8 percent of households in the city earn less than the area median income (AMI) of $84,100 and 51.1 percent earn less than 60 percent AMI.
“Now more than ever, we need to ensure that our seniors, who are one of our most vulnerable populations, are granted the same opportunities for housing that all of our residents have,” Mayor Daniel Rivera said in a statement. “I want to thank MassHousing for their unwavering support in making sure our seniors who reside at Essex Towers are not worried about being able to afford their apartments.”
