A $6.3 million loan will help to preserve affordability for low-income families at Fitchburg’s 140-apartment Joseph’s House, according to MassHousing.
Joseph’s House LLC will seek to extend the Section 8 Housing Assistance Payment contract for the longest term possible – typically 20 years – as part of the loan agreement, according to a statement. The apartment building’s owner also agreed to reserve 20 percent of the apartments for low-income families as long as the MassHousing loan is outstanding, which could be as long as 40 years.
"Joseph’s House is a valuable affordable housing resource for families in Fitchburg 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.
The 140 apartments at Joseph’s House are located in two buildings on 279 Daniels St. One is five stories and the other is seven stories, according to a statement.
"We appreciate the opportunity to continue working with MassHousing and preserving affordable housing for the residents of Fitchburg," said Joanne Beauregard, a representative from the ownership group.
