Preservation of Affordable Housing has received $22.4 million in MassHousing affordable housing financing to acquire, rehabilitate and preserve the affordability of two Bedford housing communities long term.
The two properties are 96-unit Bedford Village and the 14-unit 447 Concord. Through this financing, affordability in these communities will be preserved for a least 30 years.
The transaction will also resolve the expired Section 13A mortgage on 43 units at Bedford Village and support the continued tenancies of those residents without substantial rent increases.
MassHousing is providing a construction and permanent loan of $8.2 million, a tax credit equity bridge loan of $9.2 million, and a 13A preservation loan for $5 million. The MassHousing financing generated $7.5 million in low-income housing tax credit equity for the project.
The Massachusetts Department of Housing and Community Development also gave $5.7 million in support, the town of Bedford gave $3.8 million in community preservation act financing, and the Massachusetts Housing Partnership provided $1.05 million in resubordinated debt.