MassHousing, the quasi-public agency charged with providing financing for affordable housing in the Commonwealth, announced a loan closing Monday of $7.1 million to preserve affordability for senior citizens at the 125-unit Tecumseh Mill apartment complex in Fall River.
As a condition of the financing, property owner Tecumseh Holdings LLC, will extend the HUD Section 8 Housing Assistance Payment contract and the affordability on 124 apartments for 20 years when the current contract expires March 1.
Tecumseh Mill, originally a steam-powered cotton mill, was built in 1866. It was converted in 1984 for its current use as an affordable apartment community under the HUD Section 8 Program.
“Tecumseh Mill is a well maintained and operated housing community and this loan closing will extend the affordability at Tecumseh Mill for the senior citizens who live there for many years to come,” MassHousing executive director Thomas R. Gleason said in a statement.