Developments > Majestic Apartments
The project involves the acquisition and rehabilitation of a 5-story elevator building consisting of 34 apartments (4 studios and 30 one-bedroom apartments). The project is an existing, prepayment eligibel, FHA Section 236 development. Planned rehabilitaion includes replacement of electric panels, new kitchens and baths, installation of a sprinkler system, new suspended ceilings, new light fixtures, paint, carpet and window repairs. A computer lab, a wellness center and a new laundry facility will be added to the project. The rehabilitaion is financed by EAFA out of pocket under the supervision of Mass Housing. It is currently underway and will be complete before equity closing. The project is currently fully occupied. There is only one over income (under 80% of median). The thirty three of the thirty four units (97%) will be reserved for tax credit eligible households. Three apartments are covered by a 20 year Section 8 contract under the mark up to market program. All residents will be given Enhanced Vouchers as a result of the decoupling (prepaying the Section 236 mortgage but keeping the IRP subsidy).
Majestic Apartments
Project at a Glance:
Location:
Lowell
Development Type:
Rental
MHIC Financing:
$830,948 in LIHTC financing
Sponsor:
EAF Associates LLC
Number of Units:
34
The project involves the acquisition and rehabilitation of a 5-story elevator building consisting of 34 apartments (4 studios and 30 one-bedroom apartments). The project is an existing, prepayment eligibel, FHA Section 236 development. Planned rehabilitaion includes replacement of electric panels, new kitchens and baths, installation of a sprinkler system, new suspended ceilings, new light fixtures, paint, carpet and window repairs. A computer lab, a wellness center and a new laundry facility will be added to the project. The rehabilitaion is financed by EAFA out of pocket under the supervision of Mass Housing. It is currently underway and will be complete before equity closing. The project is currently fully occupied. There is only one over income (under 80% of median). The thirty three of the thirty four units (97%) will be reserved for tax credit eligible households. Three apartments are covered by a 20 year Section 8 contract under the mark up to market program. All residents will be given Enhanced Vouchers as a result of the decoupling (prepaying the Section 236 mortgage but keeping the IRP subsidy).