MassHousing Closes $29 Million in Financing for the Refinancing and Preservation of Town Brook House in Quincy
Low-income senior citizens and residents with disabilities will have the affordability of their homes preserved, as the non-profit Wollaston Lutheran Housing, Inc. will extend those protections for 150 apartments for at least 20 years
BOSTON – October 15, 2020 – MassHousing has closed on approximately $29 million in affordable housing financing to the non-profit Wollaston Lutheran Housing, Inc., for the refinancing and extension of affordability for at least 20 years for lower-income senior citizens and residents with disabilities at the 151-unit Town Brook House in Quincy.
MassHousing is providing Wollaston Lutheran Housing, Inc. – a non-profit corporation sponsored by Wollaston Lutheran Church – with $28.994 million in permanent financing. The refinancing transaction extends affordability protections at Town Brook House and provides the property’s nonprofit owner with new capital to advance its affordable housing and social service work.
“This transaction will not only preserve the affordability for the residents at Town Brook House for at least 20 years, it will also enhance Wollaston Lutheran Housing’s mission-based work of providing important social services for Quincy-area residents and developing more affordable housing,” said MassHousing Executive Director Chrystal Kornegay.
“The additional resources brought to our charitable missions as a result of Town Brook’s refinancing process with MassHousing will enable Wollaston Lutheran to begin a new chapter of growth and an expansion of the services we offer in the Quincy community,” said Tim Wismar, Executive Director of Wollaston Lutheran Housing.
Located in an eight-story building at 45 Brackett St., in Quincy, Town Brook House consists of 136 one-bedroom apartment and 15 two-bedroom apartments. All the apartments, except one occupied by a property manager, are subsidized with a federal Section 8 Housing Assistance Payment contract, which will be extended for at least 20 years.
MassHousing has financed eight rental housing communities in Quincy totaling 1,411 units of housing with an overall original loan amount of $222.3 million. The Agency has also provided home mortgage loans to 1,413 homebuyers and homeowners in Quincy with an original purchase principal balance of $223.5 million.
About Wollaston Lutheran Church
Wollaston Lutheran Church has endeavored to become an active contributor to its community. The church has worked to help and serve its neighbors and aids people in need irrespective of race, origin, or religious tradition. They seek God’s wisdom and help in identifying new ways to provide for those in need in the community. The church sponsors three housing communities for more than 400 lower-income seniors and residents with disabilities at Fenno House, Town Brook House, and Bauer House in Quincy. Another social ministry arm of the congregation, the Asian American Service Association, serves the needs of the community through its senior center, periodic family programs and a weekly badminton night at a local school gymnasium. The church also sponsors a childcare program at the Wollaston Child Care Center. For more information, please visit www.wlchurch.org.
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 $25 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.