Using its ability to offer low-cost, fixed-rate, long-term financing, the Massachusetts Housing Partnership has closed on a $50 million loan to community development corporation Inquilinos Boricuas en Acción (IBA) to preserve the affordability of Victoria Apartments.
Built in 1982 and located in Boston’s expensive South End neighborhood, Victoria Apartments features 190 affordable homes for families in 15 townhouse style buildings. The building features a significant number of family-sized three- four-, five- and six-bedroom units. All units qualify as affordable housing and are rented to Section 8 tenants.
“Working with neighborhood nonprofits to keep Boston affordable has long been a big part of MHP’s core mission,” Clark Ziegler, MHP’s executive director, said in a statement. “We’re excited to be able to help IBA continue its legacy of providing deeply affordable housing for South End residents.”
“We are thrilled to partner with MHP in the financing of Victoria Apartments. MHP’s terms and flexible housing financing solutions were key in making the process, from origination to closing, smooth, seamless and efficient. The team at MHP is friendly, knowledgeable and worked with us to achieve our outcomes,” Dr. Vanessa Calderón-Rosado, CEO of IBA, said in a statement.
MHP financed Victoria Apartments using the Federal Housing Administration’s Risk Share Program. The financing allows IBA to make upgrades to the homes, extend affordability and use its built-up equity to support other IBA operations and new development initiatives. This includes the redevelopment of the Villa Victoria Center of the Arts, and the revitalization of the 146-unit West Newton/Rutland Apartments and its transfer of ownership from the Boston Housing Authority to IBA.