MassHousing has closed on a $7.1 million loan to preserve the affordability for senior citizens living at Tecumseh Mill in Fall River.
As a condition of the MassHousing financing, property owner Tecumseh Holdings LLC extended the HUD Section 8 Housing Assistance Payment (HAP) contract and the affordability on 124 apartments for 20 years when the current HAP contract expires March 1.
The property, located at 164 Hartwell St., consists of two interconnected buildings. It has 125 apartments, of which six are studios, 114 are one-bedroom units and five are two-bedroom units. One of the apartments is occupied by a resident superintendent.
Tecumseh Mill was originally a steam-powered cotton mill built in 1866. It was converted into an affordable apartment community under the HUD Section 8 Program in 1984. The property was refinanced through MassHousing’s Section 8 Proactive Preservation Program, which seeks to extend affordability at MassHousing-financed developments where MassHousing mortgages are due to mature and Section 8 HAP contracts are due to expire. The original MassHousing loan matures on March 1.
