Posted on October 14, 2008
ARLINGTON, October 14, 2008 --- Using its ability to provide long-term, fixed-rate private financing for affordable rental housing, MHP has committed $1.2 million in first and second mortgage financing to help the Housing Corporation of Arlington (HCA) acquire, rehabilitate and preserve 10 units of affordable housing.
MHP has committed $450,000 in first-mortgage financing and $750,000 in a deferred payment second mortgage to HCA for the rehabilitation of 10 units on Forest and Peirce Street in Arlington.
The project consists of the acquisition, preservation, and moderate rehabilitation of five one-bedroom units and five two-bedroom units on adjacent lots. Two units will be affordable at 50 percent of the area median income, seven units will be affordable at 65 percent of the area median income, and one unit will be rented using a Section 8 housing voucher.
This is the third time that MHP has supported HCA's efforts to increase the supply of affordable housing in Arlington. MHP has now made almost $5 million in loans and commitments to the HCA for the financing of 40 units of affordable housing.