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Rogerson Communities, developer and property manager of Farnsworth House, will complete property improvements and upgrades.

 MassHousing, working with Rogerson Communities, has closed on $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corporation, owner and developer of the 76-unit Farnsworth House for older adults in Boston, for the refinancing and renovation of the property, and the extension of resident affordability for at least 24 years.

"MassHousing is pleased that the seniors living at Farnsworth House will have their affordable rents extended for the long term," said MassHousing Executive Director Chrystal Kornegay. "MassHousing partners with mission-based affordable housing providers like Farnsworth and Rogerson Communities, for the benefit of lower-income households, and this transaction ensures that Farnsworth House will continue to serve Boston residents for decades to come."

"Charles H. Farnsworth Senior Housing Corporation's ongoing mission is to serve this community. Preserving that affordability for low-income seniors is essential," said Peter Fenn, Farnsworth Senior Housing Corporation's Board Chair. "Critical reinvestment in the building will not only positively impact the current residents, but it will also have a long-lasting impact on the Farnsworth Housing Corporation's ability to create more affordable housing and deliver services to elders in the community."

"Rogerson Communities is pleased that our work with MassHousing will continue to ensure that low-income seniors have affordable rents well into the future. Quality affordable housing that is both appealing and supportive is imperative if we are to preserve vibrant and diverse communities," said Walter Ramos, Rogerson Communities' President & CEO.

Located at 90 South St. in Jamaica Plain, Farnsworth House is a seven-story, brick building built in 1982 under the federal Section 202 Program.

Among the improvements planned for the property are roof replacement, parking lot refurbishment, the removal of an underground oil tank, and replacement of the emergency generator, emergency call system, intercom, security camera system, fire alarm panel system and lobby furniture.

As part of the transaction, the property owner, Charles H. Farnsworth Senior Housing Corporation, has executed a new 20-year HUD Section 8 Housing Assistance Payment contract for 75 of the 76 apartments at Farnsworth House. The new contract will include four years remaining on the previous contract, for an overall extension of affordability of 24 years. There is an additional unit on the property for management staff.

Farnsworth House was refinanced through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has surpassed $2 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.

The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing is providing Charles H. Farnsworth Senior Housing Corporation with a $14.5 million, 35-year permanent loan.

"We are pleased to continue our successful joint-venture partnership with MassHousing, ensuring that properties such as Farnsworth House remain affordable for the long-term," said Dan Lyons, President of Rockport Mortgage. "The planned improvements to the property, supported by this loan, continues the commitment by ownership to preserving this important housing asset for the senior citizens of Jamaica Plain calling Farnsworth House home."

Farnsworth House has 69 one-bedroom apartments and seven two-bedroom apartments.

About MassHousing's MAP/Ginnie Mae Initiative
MassHousing has partnered with two well-known and experienced MAP lenders, Capital One and Rockport Mortgage Corporation. The MAP lender prepares the submission of each transaction for HUD’s approval. MassHousing then closes the new loan and issues a Ginnie Mae Mortgage Backed Security (MBS), which has consistently provided the multifamily mortgage industry its most competitive long term, taxable interest rates.

With each MAP/Ginnie Mae loan, MassHousing continues as the mortgagee of record and becomes a Ginnie Mae servicer. This ensures affordability, as each completed transaction will require the property owner to rent at least 20 percent of the units to those earning less than 80 percent of the area median income. Affordability at many properties could be at risk were MassHousing unable to offer this product, as owners could refinance with other lenders who do not require affordability restrictions.

About Charles H. Farnsworth Senior Housing Corporation
Since its inception, the Charles H. Farnsworth Senior Housing Corporation has been concerned about the welfare of low-income older adults. The key goal of Farnsworth House, a 76-unit congregate housing community opened in 1982, was to secure supportive services sufficient to allow seniors who were at risk of institutionalization to continue to live independently. Having realized that goal, Farnsworth Housing Corporation now looks to expand its mission through the creation of new affordable housing with supportive services for the growing population of older adults.

About Rogerson Communities
Rogerson Communities is a mission-driven non-profit that focuses on “Senior Living,” creating communities where older adults thrive. The Rogerson Model incorporates supportive housing and healthcare to help seniors and their families find solutions to aging strong in their community by providing a sense of dignity across all income levels. Often this means finding housing that is affordable. With 30 properties and programs under management, Rogerson offers every aspect of Senior Living: affordable housing; independent and retirement living; assisted living; memory care; continuing care communities; as well as adult day health programs. Properties are located throughout Greater Boston and stretch west to Worcester and south to Weymouth. For more information, please visit

About Rockport Mortgage Corporation
Rockport Mortgage Corporation is a privately owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA-insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (HUD) and has been approved under HUD’s Multifamily Accelerated Processing (MAP) Program since the program inception in 2001. The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the needs of our clients. For more information about Rockport Mortgage Corporation please visit



MassHousing has Closed on $7.55 Million in Financing for the Acquisition and Renovation of the 25-Unit Prospect Estates in Webster.
Affordable Housing and Services Collaborative plans more than $6.5 million in property improvements at the affordable housing community

MassHousing has closed on $7.55 million in affordable housing financing to Affordable Housing and Services Collaborative (AHSC) for the acquisition and renovation of the 25-unit Prospect Estates in Webster.

AHSC plans more than $6.5 million in property improvements, including renovating kitchens and bathrooms, adding hot water heaters to each unit, installing mini splits for heating and cooling, electrical upgrades, roof replacement, preserving historic elements such as windows and wood flooring, updating the laundry rooms, and the creation of a management office.

"Prospect Estates is an important affordable housing resource in Webster, but the property is in need of significant upgrades," said MassHousing CEO Chrystal Kornegay. "We are pleased to be working with AHSC to ensure that the residents of Prospect Estates will have high-quality rental homes that they can afford for many years into the future."

"Prospect Estates is a true 'turnaround story' that could not be possible without the efforts of everyone on our development and management team. I'd like to extend a special acknowledgement and thank you to MassHousing and Executive Office of Housing and Livable Communities for helping us navigate some difficult challenges along the way," said AHSC Executive Director Michael J. Mattos.

MassHousing is providing AHSC with $6.9 million in Low Income Housing Tax Credit (LIHTC) bridge loan financing and $650,000 in permanent and construction financing. Additional funding includes $6.1 million in federal and state LIHTC financing allocated by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), $1.5 million in direct support from EOHLC, approximately $1.9 million in state and federal Historic Tax Credits, a $1.6 million seller note and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of EOHLC. The Massachusetts Housing Investment Corporation (MHIC) is the tax credit syndicator and investor.

The transaction will allow the rehabilitation of two existing mid-rise, historical former school buildings at 10 and 41 Prospect St. in Webster. The housing community has one studio apartment, two one-bedroom apartments, 15 two-bedroom apartments, and seven three-bedroom apartments. Of the 25 apartments, 18 benefit from Section 8 Project Based rental assistance, of which four units are restricted to households earning up to 30 percent of the Area Median Income (AMI) and 14 are restricted to households earning up to 50 percent of AMI. Seven of the apartments are restricted to households earning up to 60 percent of AMI.

The general contractor will be NEI General Contracting. The architect is The Architectural Team, and the management agent is Peabody Properties.

MassHousing has financed four rental housing communities in Webster involving 308 housing units and $31.4 million in financing. The Agency has also provided $50.8million in home mortgage financing to 366 Webster homebuyers and homeowners.

About Affordable Housing and Services Collaborative, Inc.
Affordable Housing and Services Collaborative, Inc. is a 501c3 non-profit organization founded in 2001. Its mission is to provide and preserve affordable housing for low-income families, youth, elders, persons with disabilities, as well as special populations. Fulfilling their mission is a collaborative effort and process that includes working with private and public partners to seek project financing, grant funding and other leveraged resources to acquire, develop, rehabilitate and create affordable housing opportunities, as well as to enhance and expand quality of life initiatives through funding wellness, educational, vocational, and social programming. AHSC has been involved in many complex affordable housing developments involving new construction, as well as historic and occupied rehabilitation. Through their involvement in more than 20 projects in various roles they have kept approximately 1,300 units affordable. For more information about AHSC please visit


Invitation for construction 4 million mass housing projects in GCC countries with government guarantee

We as world business Year Investment and Finance Advisory has Mandate with GCC governments to structuring deal to construct 4 million units mass housing apartment .It is mentioned that it is humanitarian and exempted from any sanctions.

Sovereign guarantee and off-taker agreement will be provided by government and related ministry.

Please send us your proposal along with your contact details for cooperation.


1.Scope of work

The government plans to economically produce 4 million housing units in line with the commitment it has given to the people.

Also, there are many banks and government institutions that own government land and can provide the required land and the required permits, and instead entrust the design, construction and financing to insurance companies.

Government Concession:

Land and license



2.Government guarantees:

 Issuing Sovereign Guarantee by the Ministry of Economic Affairs and Finance to guarantee the principal and profit of finance

 The guarantee of the Ministry of Housing and Urban Development for the guaranteed purchase of one million housing units after construction


Amount of required capital or loan:

80 billion dollars

Construction cost per meter:

$250 per square meter

Desired units: 50 to 80 meters

Internal rate of return: 35%


Settlement methods for investors:


 Purchase of residential units by the government

 Buying residential units by people in cash

 Overselling residential units after 20% physical improvement

 Rental of residential units by buyers


Investment benefits:

Tax exemption for investors


Conditions of insurers:


 Having relevant experiences for mass housing construction in different countries

 Insurers, if they wish, can take over the insurance in the form of a syndicate with the cooperation of domestic and international insurers.

The construction company should provide a comprehensive solution that includes

● Design

● Build

● Finance

● and construction services to build property.

The construction company will be responsible for

● site preparation

● foundation work

● construction of the building shell

● and interior buildout

● all electrical, plumbing


● and fire protection systems.

Finally, the construction company should also provide

● landscaping and landscaping services, including paving, fencing, and any necessary retaining walls.



Please forward two copies of your completed proposal in PDF form, electronically to This email address is being protected from spambots. You need JavaScript enabled to view it.



کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

Investment Consulting &Project Finance


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