Posted on September 18, 2009
BOSTON, September 18, 2009 --- The Massachusetts Housing Partnership recently committed $500,000 in permanent rental financing to help non-profit developers and service providers, Rogerson Communities, refinance existing debt on 48 affordable rental units at 60 Joy Street in the Beacon Hill neighborhood of Boston.
The Peter Faneuil House project consists of 32 single room occupancy (SRO) units, eight studio units, five two-bedroom units, and three three-bedroom units. All units will be designated as affordable for residents earning up to 60 percent of the area median income.
MHP is a quasi-public state agency that provides permanent financing for affordable rental housing, with loans ranging from $250,000 to $15 million. MHP uses private bank funds to finance affordable housing due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. 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 Amanda Roe.