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Affordable Housing Preserved for Senior Citizens in East Boston

All 87 apartments will remain affordable for low-income seniors as a result of $8.3 million MassHousing loan closing


BOSTON April 7, 2014 Affordability has been preserved and extended for low-income senior citizens living at the 87-unit Victory Gardens in East Boston as a result of an $8.3 million MassHousing loan closing.

Victory Gardens is owned by Victory Gardens Associates, an affiliate of Peabody Properties Inc. As a condition of the financing, the owner will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 87 apartments when the current HAP contract expires in July 2019.

Victory Gardens was refinanced through MassHousing's Section 8 Proactive Preservation Program, which seeks to extend affordability at MassHousing-financed developments where MassHousing mortgages are due to mature and Section 8 HAP contracts are due to expire. The original MassHousing loan to Victory Gardens will mature in July 2019.

"Affordable housing is a major concern for our senior citizens and this loan closing will extend affordability for the
residents at Victory Gardens for many years to come," said MassHousing Executive Director Thomas R. Gleason.

"Peabody Properties has done a very good job maintaining and managing Victory Gardens for its residents and we are pleased to be partnering with them on this transaction."

Of the 87 apartments, 83 are one-bedroom units and 4 are two-bedroom units located in a four-story building built in 1979 at 54 Orleans St. in East Boston.
As part of the new financing, a number of renovations are planned for the property including 504/ADA upgrades to common areas, refurbishment of common areas, boiler and emergency generator upgrades and roof and window replacement.

"The refinancing of Victory Gardens was achieved through the collaborative efforts of all parties involved," said Peabody Properties Chief Financial Officer Guy Corricelli. "We extend our appreciation to MassHousing and their commitment and cooperation will ensure the preservation of this important affordable housing community for years to come."

About the MassHousing Section 8 Proactive Preservation Program
The Section 8 Proactive Preservation Program targets a group of affordable rental developments that were originally financed by MassHousing and are eligible to convert to market rates when those mortgages mature. Each of these developments receives a subsidy from HUD that is used to help pay the tenants' rents each month. However, if the mortgage is paid off, there are no more affordability restrictions or any incentives from HUD to keep the properties affordable unless the owner agrees to renew the Section 8 contract. Through this program, MassHousing now provides those incentives.

Affordable Housing Preserved for Senior Citizens in East Boston
About MassHousing
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 $16 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
About Peabody Properties, Inc.
Headquartered in Braintree, Peabody Properties, is a full-service real-estate firm that manages in excess of 10,000 units of housing, primarily in New England, with a divisional office located in Florida. An award-winning privately held corporation, Peabody Properties was incorporated in 1976 and is under the direction of Karen Fish-Will and Melissa Fish-Crane. In 1995, Peabody Properties recognized its long-term commitment to Resident Services as a unique area of expertise within the field of property management and established a new and separate entity. Peabody Resident Services, Inc. is dedicated solely to the development of support services and programs for residents of affordable housing. Peabody Properties is designated as a Woman Business Enterprise (WBE) and is certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA). For more information please visit www.peabodyproperties.com.
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