MassHousing, the state’s affordable housing bank, said it has provided more than $50 million in financing to four Boston-based community development corporations that will set aside 359 apartments for low-income residents under affordable housing guidelines.
The apartments, which are also being renovated as a result of the financing, are in such city neighborhoods as Dorchester, Roxbury, Jamaica Plain, and Mattapan.
In a press release, MassHousing said that loans to Urban Edge Housing Corp., Codman Square Neighborhood Development Corp., Lena Park Community Development Corp., and Nuestra Communidad Development Corp. “helped to pay off old loans on the properties and prevented the previous lender from foreclosing. Foreclosures could have put the future of the affordable units in doubt.”
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Collectively, MassHousing said that it has closed $52.4 million in loans for the four community development corporations, or CDCs, and that those loans recently closed.
As a condition of the MassHousing financing, all 359 apartments will now be affordable. Previously, only 25 percent of the units owned by three of the CDCs, and 20 percent owned by the fourth, were required to be affordable with the remaining apartments rented at market rates.
“Without this financing, nearly 400 units of affordable housing were in danger of being lost,” MassHousing executive director Thomas R. Gleason said in a statement. “This financing will allow for significant renovation of all these properties and puts them on firm financial footing for years to come.”
Chris Reidy can be reached at reidy@globe.com.