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Low-income senior citizens living at the 70-unit Rolfe House in downtown Lynn will see affordability extended for at least 20 years as a result of $6.5 million in MassHousing financing.
Rolfe House is owned by an affiliate of SHP Acquisitions LLC, which was allowed to pre-pay its existing MassHousing mortgage and refinance the property with MassHousing’s loan program through the Federal Financing Bank (FFB). As part of the financing, the federal Section 8 Housing Assistance Payment Contract on all 70 apartments was extended for 20 years. The owner was also able to reduce the interest rate on the new loan to 4.02 percent from 6.5 percent.
“Rolfe House has long been a source of quality, affordable housing for low-income seniors in downtown Lynn and this transaction will ensure it will remain so for at least 20 years,’’ MassHousing Executive Director Tim Sullivan said in a statement. “SHP Acquisitions was committed to making sure Rolfe House remained affordable for its residents for the long term and we were pleased to partner with them to make that happen.’’
Located at 7 Willow St. in Lynn, Rolfe House was built in 1891 as a shoe factory and converted into housing in 1981. It is listed on the National Register of Historic Places and the 6-story building contains 65 one-bedroom apartments and five two-bedroom apartments.
“SHP, MassHousing and the residents of Rolfe House all feel fortunate to have a new long term commitment to low-income, affordable housing. Working with MassHousing to provide a new 40-year loan allows us all to remain committed to affordable housing at Rolfe House and across Massachusetts,’’ SHP Principal Daniel Smith said in a statement.
MassHousing has financed or oversees 27 rental housing communities involving 3,000 housing units in Lynn and has provided 2,525 mortgage loans to Lynn homebuyers and homeowners involving $327.8 million in financing. Gateway North, the first housing community to receive financing under MassHousing’s Workforce Housing Initiative, is currently being built in Lynn.
