BOSTON – January 24, 2022 – MassHousing has closed on $13.2 million in affordable housing financing to Roslindale Senior Housing Corporation, an affiliate of Rogerson Communities, for the refinancing, renovation and extension of affordability for at least 26 years for senior citizens living at the 84-unit Roslindale House in Boston.
"MassHousing is pleased that the seniors living at Roslindale House will have their affordable rents extended for the long term," said MassHousing Executive Director Chrystal Kornegay. "MassHousing partners with mission-based affordable housing developers like Rogerson Communities, for the benefit of lower-income households, and this transaction ensures that Roslindale House will continue to serve Boston residents for decades to come."
"Rogerson's long-held belief that affordable housing is essential to successful aging is at the core of our mission. With partnership from MassHousing, we have preserved another valuable asset for seniors who want to remain in their community while living independently and with dignity," said Walter Ramos, Rogerson Communities' President & CEO.
Roslindale House is a three- and four-story former high school originally built in the early 1920s that was converted to affordable supportive senior housing in 1986 under the federal Section 202 Program.
Among the improvements planned for the property are new windows (approximately 250), upgrading the elevator controller and cab interior, masonry, granite stair repairs, adding some parking spots to the receiving area, border fence replacement, upgraded toilets as needed (about 75 percent), and hallway carpeting replacement for three floors.
Roslindale Senior Housing will extend the federal Section 8 Housing Assistance Payment contract on 83 apartments for 20 years when the current contract expires in six years. The remaining unit is occupied by on-call maintenance staff.
Roslindale House was refinanced through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has surpassed $1.75 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing is providing Roslindale Senior Housing Corporation with a $13.2 million, 35-year permanent loan.
"Roslindale House’s convenient location in the Roslindale Village area of Roslindale, close to transportation, healthcare, shopping and restaurants, is a real benefit to the senior tenants," noted Dan Lyons, President of Rockport Mortgage. "We’re very pleased to once again work with Rogerson Communities and MassHousing to ensure that Roslindale House remains a valuable housing asset for members of our senior community."
Roslindale House, which is managed by Rogerson Communities, has 36 studio apartments, 47 one-bedroom apartments, and one two-bedroom apartment. Located at 120 Poplar Street near Roslindale Village, it also has a community room and laundry area.
About MassHousing's MAP/Ginnie Mae Initiative
MassHousing has partnered with three well-known and experienced MAP lenders CBRE, Capital One and Rockport Mortgage Corporation. The MAP lender prepares the submission of each transaction for HUD's approval. MassHousing then closes the new loan and issues a Ginnie Mae Mortgage Backed Security (MBS), which has consistently provided the multifamily mortgage industry its most competitive long term, taxable interest rates.
With each MAP/Ginnie Mae loan, MassHousing continues as the mortgagee of record and becomes a Ginnie Mae servicer. This ensures affordability, as each completed transaction will require the property owner to rent at least 20 percent of the units to those earning less than 80 percent of the area median income. Affordability at many properties could be at risk were MassHousing unable to offer this product, as owners could refinance with other lenders who do not require affordability restrictions.
About Rogerson Communities
Rogerson Communities is a mission driven non-profit that focuses on "Senior Living," creating communities where elders thrive. The Rogerson Model incorporates supportive housing and healthcare to help seniors and their families find solutions to aging strong in their community by providing a sense of dignity across all income levels. Often this means finding housing that is affordable. With 30 properties and programs under management, Rogerson offers every aspect of Senior Living: affordable housing; independent and retirement living; assisted living; memory care; continuing care communities; as well as adult day health programs. Properties are located throughout Greater Boston and stretch west to Worcester and south to Weymouth. For more information, please visit www.rogerson.org.
About Rockport Mortgage Corporation
Rockport Mortgage Corporation is a privately-owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA-insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (HUD) and has been approved under HUD’s Multifamily Accelerated Processing (MAP) Program since the program inception in 2001. The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the needs of our clients. For more information about Rockport Mortgage Corporation please visit www.rockportmortgage.com.
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 $27.5 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.