MassHousing, the quasi-public agency that provides financing for affordable housing in the Commonwealth, said that it has closed $33 million in loans for the acquisition and renovation of the 146-unit Historic South End Apartments in Boston.
The Historic South End Apartments are being completed by the Community Builders, a nonprofit developer of mixed-income housing in the United States. In conjunction with the financing, the Community Builders has received approval to extend the Section 8 Housing Assistance Payment contracts on all 146 apartments for an additional 20 years.
Three South End apartment communities are being combined to form the Historic South End Apartments. The Community Builders owns the 83-unit Dartmouth Apartments and 31-unit Project III apartments and will acquire the 32-unit Ebenezer Homes, MassHousing said.
“The Historic South End Apartments are an important source of affordable housing for residents of the South End and this financing will ensure that these apartments remain affordable for at least another 20 years,” MassHousing executive director Thomas R. Gleason said in a statement.