MassHousing Refinancing Enable Methuen Apartment Complex to Remain Affordable

Merrimack Valley Apartments in Methuen. (Courtesy photograph.)

An affordable housing complex in Methuen will remain lower priced for senior citizens.

The state’s MassHousing agency provided $7.9 million in financing to nonprofit Community Teamwork to preserve affordability for lower-income senior citizens at the 60-unit Merrimack Valley Apartments in Methuen. The financing requires affordability for at least 23 years.

MassHousing Executive Director Chrystal Kornegay described Community Teamwork as “a mission-driven organization that has worked for more than 50 years to help improve the lives of residents in the Merrimack Valley.”

Community Teamwork’s Bill Lipchitz, who noted the 20 Calumet Road apartment complex dates back to 1983, said the refinancing “will enable us to update and maintain the property as affordable housing for many more years, increase the services to the residents and enable CTI to create and preserve more affordable housing in the future.”

MassHousing is providing Community Teamwork with a $7.9 million, 35-year permanent loan. The refinancing allows the prior MassHousing mortgage with a 6.21% t interest rate to be refinanced with a 3.30% rate.

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