Shawme Heights in Sandwich to see $1.6 million in improvements. Where will the money go?
More than a million dollars to revamp Shawme Heights in Sandwich is on the way, fueled by a $6.2 million, 35-year permanent loan from MassHousing.
Nonprofit Sandwich Senior Housing Corporation will plan the facelift of the 44-unit community after refinancing the property through MassHousing's Multifamily Accelerated Processing/Ginnie Mae Joint Venture program in collaboration with Rockport Mortgage Corporation, according to a press release from MassHousing.
According to management company C.A.N. Property Management Services, improvements began in late August and will take six months in total.
Work is scheduled to end by the first week of August 2024, said the company.
Senior citizens and residents with disabilities will also see affordable rents extended for the long-term.
“The Shawme Heights Apartments are an important source of affordable housing for seniors and residents with disabilities on Cape Cod and this transaction will not only extend their affordable rents for the long term, but significant improvements will be made to the property for their comfort and safety,” said MassHousing CEO Chrystal Kornegay in a statement.
What will the improvements include?
Shawme Heights on Leveridge Lane feature a two-story building with 41 one-bedroom apartments and three two-bedroom apartments. The property includes a community room, kitchen, laundry room and outdoor space.
The adjacent Shawme Heights II includes another meeting room, fitness center, library and hairdresser.
Planned improvements include unit upgrades, exterior door, window, and siding replacement, gutter and downspout replacement, roofing upgrades, elevator upgrades, security camera upgrades, emergency generator replacement, medical alert system upgrades, common area kitchen upgrade and common area carpet replacement.
The 44 apartments are subsidized by a federal Section 8 Housing Assistance Payment contract. As part of the transaction, Sandwich Senior Housing Corporation executed a new 20-year HAP contract, which will include four years remaining on the previous contract. The transaction extends affordability at the property for 24 years.
MassHousing offers the loan program to owners of rental housing through the U.S. Department of Housing and Urban Development, which expedites Federal Housing Administration insurance approvals for borrowers.
With both the insurance and a Ginnie Mae guarantee, borrowers can access taxable mortgage financing with lower interest rates, while preserving and extending affordability for residents.
Additionally, MassHousing provided home mortgage loans to 255 homebuyers and homeowners in Sandwich with an original purchase principal balance of $35.4 million.
Zane Razzaq writes about housing and real estate. Reach her at zrazzaq@capecodonline.com. Follow her on X @zanerazz.
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This article originally appeared on Cape Cod Times: Shawme Heights in Sandwich to get $1.6M upgrade. Here's the plan.
