MassHousing closes $ 23.5 million in financing for Golda Meir House expansion in Newton

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2Community life

BOSTON –Mass Housing closed out a total of $ 23.5 million in affordable housing funding to the nonprofit 2Community life, for the expansion of the Golda Meir house in Newton. The funding will allow 2Life Communities to build 68 new rental homes for seniors, including very affordable units for very low income households.

The project will expand the existing 199-unit Golda Meir house, adding 68 new apartment houses in a new seven-story building and a new five-story building which will both be connected to the existing main building. Construction is expected to be completed in spring 2023.

“2Life Communities is an innovative leader in providing high quality housing and senior support services, and MassHousing is very pleased to partner with 2Life’s efforts to add 68 new apartments to its Golda Meir House campus” said Chrystal Kornegay, Executive Director of MassHousing. “We also thank the Town of Newton for their substantial contribution to this important project, making land available for this expansion and providing direct financial support. ”

“We are truly grateful to MassHousing, the City of Newton, the Commonwealth of Massachusetts and the philanthropic partners who made this expansion possible. We are delighted to be able to bring our aging in community to other residents; with our current waiting lists, people often wait seven to 10 years or more for an affordable apartment, losing the commitment, connection and health benefits of our model, ” said Amy Schectman, President and CEO of 2Life Communities.

“As mayor, I am committed to providing housing and support services to older residents, including those with limited resources. Partnering with Amy Schectman and 2Life Communities and working with MassHousing, I am pleased that Newton has provided funding from our Community Preservation Fund and our Federal Real Estate Investment Program to help add not only 68 apartments, 60 of which are affordable at all times, but also the community, warmth, programs and services for elderly residents ”, Newton Mayor Ruthanne Fuller said.

MassHousing provided 2Life Communities with a construction loan and a permanent loan of $ 8.1 million tax-exempt and $ 15.4 million in capital tax bridging credit.

Other sources of funding included a total of $ 17 million in state and federal equity for the low-income housing tax credit allocated by the Massachusetts Department of Housing and Community Development (DHCD), $ 3 million in direct support from DHCD and $ 2 million from Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD. The transaction also involved $ 4.7 million in Community Preservation Act and HOME funding from the City of Newton, $ 4 million in HUD. Section 202 Capital advance fund, and approximately $ 3 million in sponsorship loans. The investor in the tax credit is Wells Fargo.

Of the 68 new apartments, 45 will be supported for low-income residents with federal project-based rent subsidies, five units will be reserved for households earning at least 60% of the area’s median income (MAI), 10 units will be restricted to households earning up to 100 percent of the MAI, and seven units will be leased at market rates. One unit will be occupied by graduate students who wish to share their learning with the residents of 2Life. The median area income for Newton is $ 120,800 for a four-person household.

There will be 57 one-bedroom apartments and 11 two-bedroom apartments. The general contractor will be Colantonio Inc. The architect is Collaborators Prellwitz Chilinski, and the managing agent is 2Life Communities.

The expansion was made possible by the granting of development rights to 2Life Communities on an adjacent parcel of land owned by the Town of Newton. The Golda Meir campus is located near the Woodland MBTA Green Line station, a hospital, medical facilities and places of worship.

Golda Meir House was built in two phases in 1978 and 1995, and 2Life Communities completed a major renovation of the property in 2018 that involved $ 37.8 million in MassHousing funding. The planned renovation included the creation of a village center on the first floor, increased accessibility, installation of walk-in showers and state-of-the-art green elements.

MassHousing has funded 11 rental housing communities in Newton totaling 1,283 units and $ 270.4 million in block funding. The agency also provided mortgages to 147 buyers and homeowners in Newton with an initial purchase principal balance of $ 26 million.

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