MassHousing will loan up to $14.4 million to preserve affordability at Mountain View Terrace in Stoneham, a 194-apartment housing community for senior citizens and families.
As part of MassHousing’s loan commitment, the owner, The Atlantic Tambone Co. of Lynnfield, will seek to extend the Section 8 Housing Assistance Payment (HAP) contract on all 194 apartments for the longest term possible, typically 20 years.
Mountain View Terrace is being 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, 2011, according to a statement.
"Mountain View Terrace is a valuable affordable housing resource for the senior citizens and families who reside there as well as the town of Stoneham and we are very pleased that this MassHousing loan commitment will preserve that affordability for years to come,” said MassHousing Executive Director Thomas R. Gleason.
Built in 1981, Mountain View Terrace is located near Interstate 93 in seven residential buildings. The MassHousing taxable permanent loan will help fund a capital improvement escrow for improvements that include window and door replacement, fire alarm system and ADA upgrades and repairs to concrete balconies, according to a statement.
