Beacon Park Apartments See Extension in Affordability

BROOKLINE, MA - Residents of the Beacon Park Apartments will see an extension in affordability after the building was awarded $13 million in MassHousing financing.

The buildings were refinanced with MassHousing's loan program through the Federal Financing Bank, MassHousing announced in a press release.

According to the release, the FFB program is a partnership between the U.S. Department of the Treasury, the Department of Housing and Urban Development and state housing finance agencies. Through the collaboration, the FFB purchases a 100 percent participation in a loan completely ensured by the HUD and provides lower interest rates on loans to owners of subsidized rental housing.

These loans will give owners incentives to refinance, make capital improvements and solidify long-term affordability for lower income residents.

Through the refinancing, 30 apartments at Beacon Park will remain affordable and a federal Section 8 Housing Assistance Payment Contract has been secured for 15 years.

Sixteen of those 30 units will be affordable for at least two decades.

"The Beacon Park Apartments is a valuable affordable housing resource in Brookline and this financing will extend the affordability for the lower-income families there," MassHousing Executive Director Timothy C. Sullivan said in the release.

The Beacon Park Apartments consist of 20 one-bedroom apartments and 60 two-bedroom apartments in buildings at 133 Park St. and 1371 Beacon St. in Brookline.