Home Real Estate News MassHousing Provides $6M Affordable Housing Financing For Brookline Senior Living Project

MassHousing Provides $6M Affordable Housing Financing For Brookline Senior Living Project

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MassHousing provided a total of $5.5 million in affordable housing financing to 2Life Communities for the development of the Harold and Ronald Brown Family House, which will create 62 new, mixed-income, rental housing units for senior citizens in Brookline.

2Life Communities will develop the new supportive housing on a parcel near Coolidge Corner through a ground lease with Congregation Kehillath Israel. As part of the development, the existing Epstein Auditorium, a structure adjacent to the KI Synagogue, will be demolished and replaced by the new residential building. The Brown Family House will feature 52 one-bedroom apartments and 10 two-bedroom apartments.

MassHousing is providing 2Life Communities with a $5.5 million permanent loan. Other financing sources included $14.7 million in equity financing from state and federal Low Income Housing Tax Credits, allocated by the Massachusetts Department of Housing and Community Development (DHCD), $3.4 million in direct support from DHCD, $3 million from the Town of Brookline, and a $2.6 million philanthropic sponsor loan.