News: Financial Digest

MassHousing closes $4.4 million in loans for senior housing in West Roxbury

MassHousing has closed on $4.4 million in financing to help construct Cheriton Heights Senior Housing, a new 70-apartment affordable housing community for senior citizens in the area. The American Arabic Benevolent Association (AABA) and The Community Builders (TCB) of Boston are developing Cheriton Heights under the federal Department of Housing and Urban Development (HUD) Section 202 Supportive Housing for the Elderly program. The new, six-story Cheriton Heights, will be built adjacent to the existing 60-unit Cheriton Grove Apartments for seniors, which was also developed by AABA under the HUD Section 202 program in the 1980s. The close proximity of these two affordable senior communities, under the same management, will create a campus where residents of both buildings will be able to share resources and an extensive network of services for the elderly residents. "Cheriton Heights will not only result in 70 brand new affordable apartments for senior citizens in West Roxbury, but it will also enhance the quality affordable housing already being provided to seniors at Cheriton Grove," said MassHousing executive director Thomas Gleason. "The array of social services will enable seniors in both buildings to remain independent and productive for a longer period of time by keeping them healthy and active."
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Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank

Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
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