Lynn Daily Item story
Chestnut Gardens Apartments, an affordable housing complex for elderly or disabled residents, received $10 million in affordable housing financing from the Boston nonprofit Preservation of Affordable Housing Tuesday.
The funding, financed by Boston-based housing finance company MassHousing, in connection with Rockport Mortgage, will refinance the 65-unit complex and extend affordability protections to low-income seniors and disabled residents who have lived at the property for at least 25 years.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for the 65 apartments at Chestnut Gardens. The contract will renew for an additional five years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 25 years.