July 6, 2020 Comments Off on MassHousing Provides $20M in Affordable Housing Financing for New Bedford MF Community Views: 460 Boston New England News, Metro Boston, Top Boston

MassHousing Provides $20M in Affordable Housing Financing for New Bedford MF Community

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MassHousing has provided $19.9 million in affordable housing financing to preserve and extend the affordability for lower-income households for at least 20 years at the 157-unit Bedford Towers in New Bedford multifamily community.

Built in 1977 and located at 231 Middle St. in New Bedford, Bedford Towers consists of 83 one-bedroom apartments, 52 two-bedroom apartments, and 22 three-bedroom apartments. The community is located in a seven-story high-rise building and seven, two-story townhouse buildings. All of the apartments – except one – are subsidized by a federal Section 8 Housing Assistance Payment contract.

MassHousing provided the financing to Kempton New Bedford Limited Partnership through the organization’s Towers through MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation.

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