Posted on October 29, 2008
PITTSFIELD, October 29, 2008 --- Using its ability to provide private bank funds for affordable rental housing, the Massachusetts Housing Partnership (MHP) has committed $2.2 million in long-term financing to support a 67-unit new construction and rehabilitation project near in downtown Pittsfield.
MHP has made the loan commitment to developer Beth Pearson and the Bradford Street Development LLC for the new construction of 43 units in the city's West Side neighborhood. The project also includes the rehabilitation of 24 existing units in two buildings, one on the West Side and the other on nearby North Street.
Called the New Amsterdam Urban Center, all units will be affordable at 60 percent of the area median income. In the West Side neighborhood, five new town-house style three-story modular buildings totaling 43 units will be built on previously vacant or abandoned lots.
After completion of the new units, the nearby Grace Apartment Building will then be rehabbed, as will the Wood Building, which is downtown. The project will also feature 5,000 square feet of commercial space. For more information about this project, contact loan officer Joshua Lappen at 617-330-9944 x338.
About MHP: MHP is a privately-funded public non-profit affordable housing organization that provides long-term loans for affordable rental housing using private bank funds and at no cost to the taxpayer. This is possible due to a 1990 state law that requires companies that purchase Massachusetts banks to set aside a portion of the acquired assets to MHP. Since then, MHP's loan pool has grown to over a $1 billion and it has provided over $624 million in loans and commitments for the financing of over 15,000 units of rental housing.