Affordability for senior citizens living at the 135-unit Beacon House on Beacon Hill has been extended in perpetuity by the new ownership as a result of $16.6 million in MassHousing financing.
An affiliate of Rogerson Communities used the MassHousing loans to acquire Beacon House and in agreement with the city of Boston extend the affordability for the residents there for the life of the property. Without the MassHousing transaction and Rogerson Communities creating a new general partner entity the affordability at Beacon House was at risk.
MassHousing provided a $14 million permanent loan and a $2.6 million subordinate loan. The property was originally financed by MassHousing in 1983 and the loan matured in October 2013. The owner has also renewed the 20-year Section 8 Housing Assistance Payment (HAP) contract for 85 apartments occupied by low-income seniors and 32 apartments are regulated by the Boston Redevelopment Authority and rented to individuals with low and moderate incomes. The remaining 18 apartments are subject to a long-term lease with Massachusetts General Hospital (MGH) for use by out-of-town patients and visitors.
The property is located at 19 Myrtle St. and is comprised of 126 studio apartments and 9 one-bedroom apartments in two semi-attached, eight-story brick and stone buildings. The property has five ground-floor commercial spaces and common facilities include an atrium, roof deck, community room, library and computer lab with professional classes for residents. The owner provides free office space to Beacon Hill Village, a service provider that assists seniors with living independently. MGH operates a community-based health promotion program and Kit Clark Senior Services runs a meals program out of the property for the Beacon Hill Community.
"Beacon House is an important source of affordable housing for senior citizens living on Beacon Hill and now that affordability will be extended in perpetuity," said MassHousing executive director Thomas Gleason. "The property is in very good condition and Rogerson Communities has made a major commitment to providing quality affordable housing to the elderly residents who live there by working with the city of Boston to ensure the affordability there for the life of the property."
"Beacon House is a unique and critical source of affordable housing for senior citizens living on Beacon Hill. The neighborhood and city shared our vision and urgency of preserving in perpetuity this magnificent resource for the residents living there now and for the residents who will live there many years into the future," said Rogerson Communites principal James Seagle, Jr.
Rogerson Communities is a non-profit organization that has been providing housing and health care for the elderly and low-income individuals since it was founded in 1860. The organization serves more than 1,500 Greater Boston families through 25 facilities and programs. Services include housing and real estate development, health and fitness and Alzheimer's and memory loss programs.
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 $17 billion for affordable housing.