AHSC closes On Financing With MassHousing and AHTF

Funding, Grants, News, Press l

FOR IMMEDIATE RELEASE: Affordable Housing and Services Collaborative, Inc. (AHSC) closed on Friday, May 9, 2014 on its financing with Mass Housing and the state’s Affordable Housing Trust Fund (AHTF) for the acquisition and full-scale renovation of Middlebury Arms, an existing 64-unit multifamily property located in Middleborough, MA. Mass Housing will provide tax-exempt construction and permanent financing, as well as soft debt totaling $9.2 million. Construction on the renovation will commence immediately by NEI General Contracting, Inc. and will take approximately 9 months to complete. The Architectural Team (TAT) is the project’s architect, and the property will continue to be professionally managed by Peabody Properties, Inc.

The property was originally built in the 1970’s and financed under HUD’s 236 program, which required certain income restrictions for occupancy. The new financing program for the property includes the use of low-income housing tax credits, as well as other soft debt sources, which provides additional income restrictions that will extend the affordability of the units for Middleborough families for many years ahead. Mass Housing Executive Director Thomas R. Gleason stated it perfectly in a recent quote included in a Mass Housing press release by saying “Middlebury Arms has been in need of a complete makeover for some time now and this financing will restore the property into a top-quality affordable apartment community for the residents who live there.”