MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.