Posted on May 6, 2009
BOSTON, May 6, 2009 --- Using its ability to provide permanent rental financing to maintain the affordability of rental units, MHP has committed $4.48M to renovate and refinance 98 affordable rental units in the Hyde Park neighborhood of Boston.
All units will be affordable to residents earning at or below 60 percent of the area median income (AMI). The 98 units consist of 69 one-bedroom units and 29 two-bedroom units spread throughout three, three-story buildings located at Clare Avenue and Navarre Street in the Hyde Park neighborhood of Boston.
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.