November 1, 2019 Comments Off on MassHousing Provides $25M for Renovation of Brookline Affordable Senior Living Community Views: 586 Boston, Boston New England News

MassHousing Provides $25M for Renovation of Brookline Affordable Senior Living Community

MassHousing has provided $25 million in financing to the Brookline Housing Authority to renovate the 100-unit Arthur O’Shea House located at 61 Park St. in Coolidge Corner. The MassHousing financing will allow the BHA to make comprehensive renovations to the property, which is home to lower-income senior citizens and residents with disabilities, and to help ensure affordability at the property in perpetuity.

MassHousing is supporting the rehabilitation of O’Shea House with $25 million in short and longer-term financing through the Agency’s Conduit Loan Program. MassHousing issued tax-exempt housing revenue bonds, and the proceeds will be used to fund both construction and permanent loans in partnership with Boston Private Bank & Trust. The MassHousing conduit loan generated $17.9 million in equity financing for the project through federal Low-Income Housing Tax Credits. Boston Financial and Santander Bank, N.A. are providing the tax credit equity.

“O’Shea House is an important affordable housing resource for senior citizens and residents with disabilities in Brookline,” said Chrystal Kornegay, executive director at MassHousing. “This financing will ensure that this housing will remain affordable for the long term, while also funding significant renovations, which will upgrade and modernize the property.”

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