Press Release: 10/21/2025
Affordability for Senior Residents Living at the 50-Unit Independence Manor II in Braintree Will Be Extended for More Than 20 Years With $8.7 Million in MassHousing Financing
Independence Manor II LLC refinanced the housing community, which will also receive some property improvements
OCTOBER 21, 2025
BOSTON – October 21, 2025 – MassHousing has closed on $8.7 million in financing to extend affordability for more than 20 years for senior citizens and disabled residents living at the 50-unit Independence Manor II in Braintree.
Independence Manor II LLC refinanced the property through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.
The 50 one-bedroom units at the five-story Independence Manor II are subsidized by a federal Section 8 Housing Assistance Payment Contract. As part of the transaction, the property owner executed a new 20-year HAP contract, which will include one year remaining in the previous contract. The transaction will extend affordability at the property until 2046. The refinancing will also include approximately $335,000 – or $6,700 per unit – of repairs and property improvements.
"Independence Manor II provides quality affordable rental housing to its residents and MassHousing is pleased to complete this transaction, which will ensure that affordability remains for more than two decades into the future," said MassHousing CEO Chrystal Kornegay.
The development, built in 1981 under HUD's Section 202 loan program, is part of the larger Independence Manor senior citizens campus, which includes the 95-unit Independence Manor I and the 16-unit Independence Manor III.
The campus is located approximately 1.5 miles from both South Braintree Square and Quincy Center, which provide a range of services and amenities, including stores, restaurants, libraries, and Braintree Town Hall. MBTA buses stop at Independence Manor, with service to the Red Line at the Quincy Adams station.
Independence Manor II has a community room, dining room, and craft room used by residents to hold various social gatherings and wellness events.
MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing has surpassed $2.5 billion in cumulative MAP lending and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens, and families. MassHousing provided Independence Manor II LLC with an $8.7 million, 35-year permanent loan.
"Demand for affordable housing continues to rise, especially in communities like Braintree, where housing supply is very limited. We are proud to partner with MassHousing and the ownership of Independence Manor II to preserve this critical affordable housing resource, ensuring seniors living at the property have a safe, stable and affordable place to call home," said James Baghai, Vice President of Rockport Mortgage.
About MassHousing's MAP/Ginnie Mae Initiative
MassHousing has partnered with experienced MAP lender Rockport Mortgage Corporation. Rockport prepares the submission of each transaction for HUD’s approval. MassHousing then closes the new loan and issues a Ginnie Mae Mortgage Backed Security (MBS), which has consistently provided the multifamily mortgage industry with its most competitive long term, taxable interest rates.
With each MAP/Ginnie Mae loan, MassHousing continues as the mortgagee of record and becomes a Ginnie Mae servicer. This ensures affordability, as each completed transaction will require the property owner to rent at least 20 percent of the units to those earning less than 80 percent of the area median income. Affordability at many properties could be at risk were MassHousing unable to offer this product, as owners could refinance with other lenders who do not require affordability restrictions.
About Rockport Mortgage Corporation
Rockport Mortgage Corporation is a privately owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA-insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (HUD) and has been approved under HUD’s Multifamily Accelerated Processing (MAP) Program since the program inception in 2001. The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the needs of our clients. For more information about Rockport Mortgage Corporation please visit www.rockportmortgage.com.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 to confront the Commonwealth's housing challenges. 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 mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations. As a mission-driven agency, MassHousing uses housing finance to strengthen communities and lay the foundation for economic prosperity. Since its inception, MassHousing has provided more than $29 billion in housing finance. For more information, visit the MassHousing website at www.masshousing.com.