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MassHousing Closes $14.8M Loan For Affordable Housing In Stoneham

Jul 20, 2010 | Reprints | Unlock Link | Print

MassHousing has extended a $14.8 million loan to preserve affordability at the 194-apartment Mountain View Terrace in Stoneham.

The Atlantic Tambone Co. of Lynnfield, which owns Mountain View Terrace, will seek to extend the Section 8 Housing Assistance Payment (HAP) contract on all 194 apartments for the longest term possible, which is typically 20 years, according to a statement.

Mountain View Terrace was refinanced through MassHousing’s Section 8 Proactive Preservation Program, which seeks to extend affordability at developments where Section 8 HAP contracts are due to expire. The HAP contract at Mountain View Terrace expires on Feb. 28.

"Mountain View Terrace is a valuable affordable housing resource for the senior citizens and families in Stoneham, and we are very pleased that this MassHousing loan closing will preserve that affordability for years to come," said MassHousing Executive Director Thomas R. Gleason.

Residential Real Estate