"By refinancing the state's HUD 202 developments, such as Peter Sanborn Place, we can help these developments lower their loan payments, enabling them to make building improvements and add the type of services that will help their residents live longer more independent lives," says MassHousing executive director Thomas R. Gleason.

Peter Sanborn Place consists of one three-story building with 70 one-bedroom units and three studio apartments. The complex was originally constructed in 1983 with financing from HUD under its Section 202 loan program, one of the oldest federal housing programs ever designed. In this state, 8,340 units in 149 Section 202 developments were built. MassHousing says that the resources that can be generated from refinancing can help provide the services that will allow many residents to remain in their homes without moving to nursing homes.

Three years ago, MassHousing devised a program to refinance existing Section 202 developments. Peter Sanborn Place is the first development to be approved by HUD in Massachusetts, and one of the first in the country, for refinancing through this program. Gleason notes that there are nine of these developments--with a total of about 860 units-- ready to be refinanced with approximately $42 million in financing from MassHousing.

Proposed improvements include remodeling of the kitchens and bathrooms as well as improvements to the common areas such as enhanced hallway lighting, the installation of a keyless door entry system, and the addition of on site 24-hour supervision of the residents. The refinancing will also provide for an escrow fund that will pay for other supportive services.