The Dukes County Regional Housing Authority has completed mortgage refinancing for seven of the nine affordable housing developments it owns or manages.
Executive director David Vigneault said the refinancing will save the housing authority $14,000 annually in debt service. He said the refinancing also allowed the housing authority to take $35,000 in equity for urgently needed repairs on the buildings.
He lauded the Edgartown National Bank for searching out special government mortgage programs that helped the bank put together the complex financial package.
“It was a tremendous effort,” Mr. Vigneault said. “It gives us a tremendous savings.”
Edgartown National Bank president Fielding Moore said the $2.5 million refinancing deal took a lot of effort and committment on both sides.
“We are glad we could assist DCRHA accomplish their goals of serving our Island community,” Mr. Moore said in a news release.