Families at Lincoln Apartment Community Will See Affordability Preserved and Property Renovations as a Result of $15.6 Million in MassHousing Financing
The 125-unit Lincoln Woods Apartments is a mixed-income community with 72 affordable apartments
BOSTON – August 31, 2015 – (RealEstateRama) — Families living at the 125-unit Lincoln Woods Apartments in Lincoln will see the extension of affordability and significant property improvements with the closing of $15.6 million in MassHousing financing.
Lincoln Woods is owned by an affiliate of The Community Builders (TCB) of Boston. TCB is using the MassHousing financing to renovate the property, which includes 72 apartments that are affordable to lower-income families. The remaining 53 apartments are rented at market rates.
The 72 affordable units will remain so for at least 30 years under the Low-Income Housing Tax Credit program and of the 72 units, 32 will have subsidy through the Massachusetts Rental Voucher Program.
“While Lincoln Woods is in generally good condition, this financing is going to result in a substantial renovation of the property for all the residents and extend the affordability for 72 families there for at least 30 years,” said MassHousing Executive Director Thomas R. Gleason. “The Community Builders was committed to keeping Lincoln Woods as a valuable affordable housing resource in Lincoln and we were pleased to work with them on achieving that.”
Lincoln Woods was built in 1976 with MassHousing financing. There are 39 one-bedroom apartments, 74 twobedroom apartments and 12 three-bedroom apartments in 18 two-story, wood-frame buildings. The property also features a community building, playground and a wastewater treatment plant that serves the site and an adjacent commercial area.
A number of improvements are planned including replacement of all windows and exterior doors, replacement or repair of wood siding, community room renovations, the addition of a fitness area, new kitchens and bathrooms, a new boiler plant, improved ventilation, and the addition of solar panels. The number of accessible apartments will be increased from two to six and the wastewater treatment plant will be upgraded to ensure compliance with current requirements.
“At a time when the nation is talking about expanding ways for families of all incomes to live in high-opportunity communities with great schools, The Community Builders could not be more proud of Lincoln Woods Apartments, where 125 families with a wide range of incomes live in well-designed housing in the center of Lincoln, adjacent to grocery shopping, green space and the commuter rail,” said Bart Mitchell, TCB president and CEO. “We are delighted that this investment will keep Lincoln Woods Apartments beautiful, energy-efficient and affordable for decades to come.”
Families at Lincoln Apartment Community Will See Affordability Preserved and Property Renovations as a Result of $15.6 Million in MassHousing Financing
MassHousing’s financing includes a $12.6 million construction and permanent loan, and a $2.8 million bridge loan.
Other financing sources for the transaction were the state Department of Housing and Community Development, the town of Lincoln and the use of federal Low-Income Housing Tax Credits.
The contractor is Delphi Construction. The architect is Tise Design Associates and the management agent is The Community Builders.
About The Community Builders
The Community Builders, Inc. (TCB) is one of America’s leading nonprofit real estate developers and owners. Their mission is to build and sustain strong communities where people of all incomes can achieve their full potential. They realize their mission by developing, financing and operating high-quality housing and implementing neighborhoodbased models that drive economic opportunity for our residents. Since 1964, they have constructed or preserved hundreds of affordable and mixed-income housing developments and secured billions of dollars in project financing from public and private sources. Today, they own or manage 11,000 apartments in 14 states. TCB is headquartered in Boston with regional hubs in Chicago and Washington, D.C.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth.
Since its inception, MassHousing has provided more than $18.5 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
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Media Contacts
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com
