MassHousing has provided $9 million in financing to the nonprofit Newton Community Development Foundation (NCDF) for the renovation and preservation of 30 affordable housing units, building renovations and the creation of 10 new workforce units at NCDF’s Houghton Village community.
MassHousing provided NCDF with a $7.4 million construction and permanent loan and $1.3 million from the Agency’s Opportunity Fund.
“With this refinancing, Houghton Village will remain a true mixed-income community that provides safe, stable housing to households of all means,” MassHousing Executive Director Tim Sullivan said in a statement.
The Houghton Village refinancing transaction resolves the expiring Section 13A rental subsidy on 30 units. Ten expiring units will convert to workforce housing apartments that will be affordable to moderate-income households. The remaining 20 Section 13A units are subsidized by the Department of Housing and Community Development. The community’s remaining 20 units are rented at market rates.
Houghton Village was built in 1977 and is located on Hamlet Street in Newton Centre. It has 17 two-bedroom apartments, 17 three-bedroom apartments and 16 four-bedroom apartments.
MassHousing has financed or manages federal housing subsidies for 12 affordable rental housing communities in Newton totaling 1,298 units and has provided $22.1 million in home mortgage financing for 122 homeowners in Newton.