MassHousing Announces Loan Closing of $8.9 Million to Preserve Affordable Housing for Senior Citizens in Braintree

MassHousing announced a loan closing today of $8.9 million to preserve affordability for low-income senior citizens at the 100-unit Logan Park apartment community in Braintree. As a condition of the loan, Logan Park Associates Limited Partnership, an affiliate of SHP Acquisitions, which owns Logan Park, will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 100 apartments for the longest term possible—typically 20 years—when the current HAP contract expires in February 2014. Logan Park was built in 1984 at 193 Grove St., in Braintree and was originally financed by MassHousing. The original MassHousing loan will mature in April 2014. Logan Park was 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.

Real Estate Rama Massachusetts

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