Posted on December 1, 2008
WORCESTER, December 1, 2008 --- MHP is once again using its ability to provide long-term, fixed-rate private financing for affordable rental housing in Worcester, committing $1.095 million in first and second mortgage financing to help Worcester Common Ground in the new construction of over 3,000 square feet of commercial/retail space as well as the construction of 12 affordable rental units.
MHP has committed $345,000 in first-mortgage financing and $750,000 in a deferred payment second mortgage to Worcester Common Ground for the new construction of 12 rental units and 3,228 square feet of commercial/retail space at the project called 1-7 Piedmont.
The construction project will consist of one four-story brick building with three commercial store-front spaces on the ground floor in addition to 3,228 square feet of commercial/retail space. The remaining three floors will contain 12 one-bedroom rental units for people earning below 65 percent of the area's average median income. The construction will also include 14 off-street parking spaces in a lot across the street from the property.
This will be MHP's fourth time supporting Worcester Common Ground in their efforts to increase the supply of affordable housing in Worcester. MHP has now made over $3.2 million in loans and commitments to WCG for the financing of 32 housing units.