MassHousing, a quasi-public agency charged with providing financing for affordable housing in the Commonwealth, announced a loan closing of $6.5 million to preserve affordability for low-income senior citizens at the 90-unit Rita Hall in Lawrence.
As a condition of the loan, Rita Hall Associates, an affiliate of Peabody Properties, will extend the Section 8 Housing Assistance Payment contract and the affordability on all 90 apartments for 20 years when the current HAP contract expires in July 2016. The refinancing will help with renovations on the property.
Rita Hall is a six-story building of 80 one-bedroom units and 10 two-bedroom units.
“Rita Hall is a very important affordable housing resource for senior citizens in Lawrence, and this financing will ensure that all the apartments remain so for the long term,’’ MassHousing executive director Thomas R. Gleason said in a statement.