In New England Real Estate Journal: MassHousing closed on $32.8m financing to to the Madison Park Development Corp. for 131-unit Haynes House


Haynes House, 735 Shawmut Avenue – Roxbury, MA

Roxbury, MA MassHousing has closed on a total of $32.8 million in affordable housing financing to the Madison Park Development Corp. (MPDC), for the preservation of affordability and property rehabilitation at the 131-unit Haynes House, located at located at 735 Shawmut Ave. The MassHousing refinancing will extend affordability for households with a range of incomes in perpetuity, following the expiration of previous affordability restrictions with the maturation of the property’s former Section 13A mortgage in 2017.

“We are very pleased that MPDC was committed to not only ensuring that the affordability at Haynes House will be preserved for its residents, but also to investing in significant property improvements that will allow the property to remain a top-quality source of affordable housing long into the future,” said MassHousing executive director Chrystal Kornegay.

“Haynes House is a final phase of a preservation strategy for Madison Park Village. It enables us to achieve our mission of supporting a vibrant and healthy Roxbury and we look forward to achieving positive outcomes for the building and the people who live there,” said Jeanne Pinado, MPDC’s CEO.

Read the entire article as it originally appeared in the New England Real Estate Journal here.