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MassHousing Provides $12.9M Financing for Bixby Brockton Apartments in Brockton, Massachusetts

BROCKTON, Mass. — MassHousing has provided $12.9 million in financing, which will extend affordability and fund improvements at the 106-unit Bixby Brockton Apartments in the Boston suburb of Brockton.

Affordable Housing and Services Collaborative Inc. (AHSC), which owns Bixby Brockton, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp.

Of the 106 apartments, 104 are subsidized by two federal Section 8 Housing Assistance Payment contracts. As part of the transaction, AHSC has executed two new 20-year HAP contracts, which will include 17 years remaining on the contract for 44 of the units, and 13 years remaining on the contract for 60 of the units. The transaction will extend affordability for 37 years and 33 years, respectively.

The Bixby Brockton Apartments are contained in the four-story Brockton Centre Building built in 1875 and the seven-story Bixby Building built in 1983. There are 88 one-bedroom apartments and 18 two-bedroom apartments. Two of the units are occupied by maintenance and security staff; the rest are reserved for seniors.

Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, replacing the elevators in one of the buildings, security camera upgrades and extending a laundry room.

The post MassHousing Provides $12.9M Financing for Bixby Brockton Apartments in Brockton, Massachusetts appeared first on Seniors Housing Business.

Source: Senior Housing Business

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