MassHousing's largest ever transaction for a single rental development helped to improve and preserve affordability for Sheila McElroy and other residents of Georgetowne Homes in the Hyde Park section of Boston.
MassHousing provided $169.5 million in loans for the acquisition, renovation and preservation of affordability of the 967-unit Georgetowne Homes. The Georgetowne Homes were acquired and rehabilitated by an affiliate of Beacon Communities of Boston, who also manages the property.
"Georgetowne Homes has 967 apartments, represents approximately 10% of the affordable housing stock in the City of Boston, and is the last large family affordable housing community in Hyde Park, so preserving Georgetowne Homes was critically important to us," said Pamela Goodman, CEO of Beacon Communities.
Renovations include new energy-efficient windows and building siding, new air sealing and insulation to reduce the loss of heat and air conditioning and the installation of high-performance and energy-efficient heating systems, which are expected to lower heating costs. There will also be an increase in the number of handicapped-accessible units and site accessibility improvements.
"I like the area and feel safe for my children," said Sheila McElroy, a seven-year resident of Georgetowne Homes. "It's been a good experience for me and my kids. It is like living in our own community. It's a pretty mixed community with a lot of diversity. They do a good job of maintaining the property both inside and outside and the security here is excellent. With the improvements they have planned it's going to be an even better place to live."