BOSTON—MassHousing reports it is providing nearly $51 million in financing to fund extensive improvements to two affordable housing communities in Roxbury and Lynn.

The finance agency reports it has extended $35 million in financing for improvements at the 120-unit Madison Park Village III in Roxbury. According to MassHousing officials, a component of the financing with property owner Madison Park Development Corp. extends the federal Section 8 Housing Assistance Payment contract for 15 years.

MassHousing is providing a $21-million tax-exempt construction and permanent loan and a $14-million tax-exempt bridge loan to Madison Park Development.

The agency also reports it has closed on $15.6 million in financing for the 145-unit Louis Barrett Residence in Lynn, a property that houses senior citizens and the disabled. The funding will finance extensive property upgrades as well as ensure the affordability of the housing there for some time to come.

In terms of the Madison Park Village transaction, the financing will pay for exterior upgrades that will include full replacement of siding, trim, windows, doors, roofing and wooden stairs. The property will have new playgrounds and handicap accessibility. Built in 1978, Madison Park Village III consists of 92 two-bedroom apartments, 22 three-bedroom apartments and six, four-bedroom apartments for low- and very-low income residents.

"Madison Park Village III is an important housing resource in Roxbury and this financing is going to help substantially renovate the property and extend the affordability for the residents who live there,'' states MassHousing executive director Thomas R. Gleason.

"Madison Park Village III has provided affordable homes to families for more than 35 years and this financing allows MPDC to fulfill our commitment to provide stability and economic security for Roxbury families while preserving this critical housing resource,'' notes MPDC CEO Jeanne Pinado.

An affiliate of Silver Street Development Corp. of Portland, ME, acquired the 12-story, 145-unit Louis Barrett Residence on Washington Street in Lynn. Silver Street announced the deal earlier this month and pegged the total development cost in excess of $28.5 million.

As a result of the MassHousing financing and the allocation of more than $8 million in Low-Income Housing Tax Credits from Boston Financial, all 145 apartments will remain affordable for at least 30 years. Additionally, all units at the property are covered by a federal Section 8 Housing Assistance Payment contract.

Among the improvements scheduled for the property include the repair and repointing of masonry exteriors, replacement of the entrance canopy, replacement of the existing roof membrane, resurfacing of parking areas and walkways, new building utility doors, new windows and interior apartment doors, and kitchen and bathroom upgrades that will feature new tubs and showers. Silver Street also plans to incorporate green and energy efficient technology where possible in lighting, water fixtures, toilets, HVAC systems, boilers, and flooring.

The building was constructed in 1973 and of the 145 apartments, 27 are studios and 118 are one-bedroom units. As part of the renovations, eight apartments will be made accessible for handicapped residents.