MassHousing Closes on Financing for Fall River Affordable Housing Property
MassHousing has finalized $4.9 million in financing for the acquisition and continued affordability of St. Mathieu’s Apartments, a 30-unit housing development in Fall River, Massachusetts, dedicated to senior citizens and residents with disabilities. The financing ensures the preservation of affordability at the property for at least another 28 years.
The acquisition was carried out by St. Mathieus Preservation LLC, a partnership between Aedera Companies and SHIFT Capital. The financing was provided through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program in collaboration with Rockport Mortgage Corporation.
St. Mathieu’s Apartments operates under a federal Section 8 Housing Assistance Payment (HAP) contract. As part of this transaction, the property owner entered into a new 20-year HAP contract that includes the remaining eight years from the previous agreement, securing long-term affordability for its residents.
Originally constructed in 1930 as a school, the building was converted to residential use in 1982. Today, it comprises 28 one-bedroom units and two two-bedroom units. Residents also have access to communal spaces such as a community room and a computer room, as well as on-site resident services.
