Posted on May 28, 2009
LOWELL, May 28, 2009 --- The Massachusetts Housing Partnership has committed $3.25 million in a permanent first mortgage loan to help refinance and renovate the Mayflower Apartments project in Lowell. The complex consists of 99 affordable rental units located in an eight building scattered site complex.
All units will be affordable to residents earning at or below 60 percent of the area median income. The 99 units will be made up of one studio apartment, 12 one-bedroom apartments, and 86 two-bedroom apartments.
About MHP: MHP is a privately-funded public non-profit organization that uses funds from the banking industry to provide long-term financing for affordable rental housing. MHP funds affordable housing efforts through its Permanent Rental Financing Program (PRFP). Since 1990, MHP has provided over $610 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Loan Officer Dick Mason.