Apartment City

August 17, 2017 https://www.masshousing.com MassHousing has provided $17.6 million in affordable housing financing to the Claremont Companies for the refinancing of the 200-unit Solemar at South Dartmouth. The refinancing of the mixed- income senior citizen community preserves the affordability of the property’s 100 affordable units through 2034. Affordability of 100 units will be extended to 2034 “This transaction provides a great outcome for the residents of Solemar at South Dartmouth and for the Claremont Companies,” said MassHousing Executive Director Tim Sullivan . “This refinancing extends housing affordability protections for lower- income senior citizens , and improves the property’s long- term financial health , all without using scarce state resources . And it demonstrates MassHousing’s commitment to working creatively with the owners and developers of affordable housing , to offer competitive financial products suited to their unique needs, while meeting the Commonwealth...

Apartment department: Officials with ceremonial scissors gathered Monday to cut the ribbon at the 252- unit Costa Mariposa apartment complex in Texas City. The ceremony marked the official opening of the 7555 Medical Center Drive complex developed by San Antonio-based The NRP Group. The complex is the first affordable multifamily development completed in the county since Hurricane Ike struck two years ago. Because it targets low- and moderate- income people Costa Mariposa was awarded post- Ike stimulus funds from the Tax Credit Assistance Program administered by the Texas Department of Housing & Community Affairs . The department issued $14 million in tax exempt bonds in addition to $8.5 million in tax credits to the developers. The department also awarded the project $3 million from a federal program designed to expand the supply of decent affordable housing for moderate- to low- income families and individuals. Costa Mariposa received another $2.5 million from the T...