MassHousing has closed $171.2 million in loans for the acquisition, renovation and preservation of affordability of the Georgetowne Homes in Hyde Park.
This marks the largest transaction in MassHousing’s 47-year history for a single rental housing development and the largest preservation of affordable housing in state history.
The Georgetowne Homes, located at 400A Georgetowne Drive, consist of 967-units, 121 one-bedroom apartments, 800 two-bedroom apartments and 46 three-bedroom apartments in 68 two and three-story townhouse and walk-up buildings.
The property is being acquired and rehabilitated by Georgetowne Homes LLC, an affiliate of Beacon Communities LLC of Boston. As a condition of the financing, Beacon Communities will extend two federal Section 8 Housing Assistance Payment contracts covering 681 apartments, extending their affordability to low-income families. The remaining 286 units will remain affordable as a result of the use of Low-Income Housing Tax Credits.
"Working with an owner committed to providing quality affordable housing has resulted in nearly 1,000 apartments remaining accessible to low-income families in Boston for years to come,” MassHousing Executive Director Thomas Gleason said in a statement. "It is much more cost effective to preserve our affordable housing stock over building new housing, and Georgetowne Homes will also receive extensive renovations that will keep the property in good condition for the long term.”
MassHousing provided $116.9 million in construction and permanent financing and $52.4 million in bridge financing. An additional $1.9 million in financing was provided from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development, and $2 million was provided by the city of Boston.
Planned renovations include new energy-efficient windows and building siding, new air sealing and insulation to reduce the loss of heat and air conditioning and the installation of high-performance and energy-efficient heating systems. There will also be an increase in the number of handicapped-accessible units and site accessibility improvements to comply with current law.
The contractor will be Suffolk Construction, the architect is Davis Square Architects and the management agent is Beacon Residential Management.
