LYNN — Chestnut Gardens Apartments, an affordable housing complex for elderly or disabled residents, received $10 million in affordable housing financing from the Boston nonprofit Preservation of Affordable Housing Tuesday.
The funding, financed by Boston-based housing finance company MassHousing, in connection with Rockport Mortgage, will refinance the 65-unit complex and extend affordability protections to low-income seniors and disabled residents who have lived at the property for at least 25 years.
As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance Payment Contract for the 65 apartments at Chestnut Gardens. The contract will renew for an additional five years, which is the number of years remaining on the previous contract, for an overall extension of affordability of 25 years.
Mayor Jared Nicholson said in a statement that Lynn’s high demand for affordable housing make the preservation of Chestnut Gardens a critical step that will help the city’s residents for years to come.
“We greatly appreciate this preservation of affordable housing in the City of Lynn, which is in such high demand,” Nicholson said. “We are grateful to MassHousing and especially the management of Chestnut Gardens for working together on this initiative.”
Chestnut Gardens was originally constructed in 1895 and was substantially rehabilitated in 1982, with another renovation in 2008. The four-story building contains 55 one-bedroom and 10 two-bedroom apartments.
Lynn Housing Authority & Neighborhood Development Executive Director Charles J. Gaeta, said that the financing corresponds with the city’s vision and trajectory for affordable housing.
“I voted for this development more than 30 years ago and I couldn’t be happier with this renewed commitment to affordable housing for our seniors. This falls in line with Mayor Nicholson’s vision and the feedback from the community through the recent Housing Production Plan process,” Gaeta said.
Anthony Cammalleri can be reached at [email protected].
