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LOWELL, MA- To preserve affordability until 2044 for low-income seniors at the 61-unit Rogers Hall, MassHousing, the state’s affordable housing bank, made a $4.3 million loan commitment.

The refinancing for the three-story building will provide for building improvements and create two escrow funds for future capital repairs and for the future acquisition or construction of additional affordable housing in the community.

MassHousing executive director Thomas R. Gleason emphasizes that in “this low interest rate environment it only makes sense to refinance the mortgage of affordable rental developments such as Rogers Hall. With this refinancing,” he adds, “we are lowering the development’s monthly loan payment and enabling them to use those savings to make building improvements that will improve the daily experience of their elderly residents.”

The facility, which is managed by Peabody Properties, was originally constructed in 1983 with financing from HUD under its Section 202 loan program. In the current interest rate environment, MassHousing, a quasi-public agency, will be able to refinance the debt and achieve interest rate reductions of more than 3%. The agency raises its loan proceeds through the sale of tax-exempt bonds to investors or through direct investors like Fannie Mae.

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