MassHousing Completes Record Transaction for the Purchase and Preservation of Six Affordable Housing Communities

MassHousing announced today that it has closed nearly $168 million in financing for the sale of a portfolio of affordable housing developments in what is the largest affordable housing transaction in MassHousing’s 46-year history. Preservation of Affordable Housing (POAH) of Boston used the MassHousing financing to help purchase five of the affordable apartment communities from their former owner, State Street Development of Boston.  The 841 apartments, 537 of which are located in Boston, had the potential of converting to market rents or condominiums and being lost from the state’s inventory of affordable housing once their existing mortgages expired. As a condition of MassHousing’s financing POAH will maintain affordability at the six developments for at least 40 years. The AFL-CIO Housing Investment Trust purchased the MassHousing bonds and notes that financed the Blackstone Apartments and Franklin Square House ($90 million), which provided an important investor for MassHousing.

RealEstateRama Massachusetts

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