Senior Citizens Living at Waterview Apartments in South Boston Will See Affordability
Extended as a Result of $10.2 Million in MassHousing Financing
49-unit property will also undergo some property improvements
BOSTON – December 9, 2015 – Senior citizens living at
the 49-unit Waterview Apartments in South Boston will see affordability extended and some property improvements as a result of $10.2 million in MassHousing financing.
The Waterview Apartments are being refinanced by Waterview Associates LP through the U.S. Department of
Housing and Urban Development’s (HUD) Multifamily Accelerated Processing (MAP)/Ginnie Mae Mortgage Backed
Securities (MBS) program offered by MassHousing.
As part of the MassHousing financing, the federal Section 8 Housing Assistance Payment (HAP) contract for the 49
apartments will be extended for 20 years.
"We were happy to be able to offer this financing option to Waterview Associates, which is committed to keeping
the Waterview Apartments affordable to seniors in South Boston while also making some property improvements
that will benefit the residents long into the future," said MassHousing Executive Director Thomas R. Gleason.
Located at 1350 Columbia Road, the Waterview Apartments consist of 35 one-bedroom apartments and 14 twobedroom
apartments in a three-story, walk up building. As part of the MassHousing financing, the property owner
will install a new elevator. Other improvements will include new air conditioning units, installation of an emergency
call system, and making three apartments fully accessible. The property is managed by Schochet Property
"We really appreciate all of the help MassHousing provided allowing us to utilize the new (MAP)/Ginnie Mae
Mortgage Backed Securities program. As a result, we were able to execute a great refinancing and preserve
affordability of this important development for the long term," said Richard Henken, President of the Schochet Companies.
About The Schochet Companies
Formed by Jay R. Schochet in 1972, Schochet Companies is a full service real estate development and management
company. Since that time the company has developed, owned, and/or managed in excess of 7,000 apartments and
more than 600,000 square feet of retail and commercial space throughout New England and on the West Coast.
Today, Schochet Companies owns and/or manages more than 5,000 apartments and 50,000 square feet of
commercial space throughout New England.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966
and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling
bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who
build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to
sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth.
Since its inception, MassHousing has provided more than $18.5 billion for affordable housing. For more information,
visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog
and Like us on Facebook.