Town, state, and private funds to create 12 units of affordable rental housing for families
Posted on October 22, 2010
HOPKINTON, Oct. 22, 2010 --- State and local officials gathered this morning to officially mark the beginning of construction of Mayhew Court, a 12-unit affordable rental housing development for families that is being developed by the Hopkinton Housing Authority and financed with private and public funds.
"Partnerships with communities are critical to the Patrick Administration's success at creating more affordable housing and jobs," said Tina Brooks, the state's Undersecretary for Housing and Community Development. "In Hopkinton, the town really stepped up and its support was a key factor in moving Mayhew Court forward."
The 12-unit development is being built on seven acres of housing authority land adjacent to the housing authority's 92 elderly and six family units, and the town's senior center. When complete, Mayhew Court will consist of seven two-bedroom and five three-bedroom apartments, all affordable to families with incomes below 80 percent of median income. There will be 24 parking spaces, one of the units will be handicapped accessible and the development is a short walk from downtown.
"The housing is badly needed, especially in this changing economy where more and more families find themselves in need of affordable housing," said Renee Gilson, chairman of the Hopkinton Housing Authority's board. "We are grateful to the town, the state and the private funders for making it possible for us to create housing for families who otherwise couldn't afford to live here."
The Town of Hopkinton was an integral supporter of the project, granting a Chapter 40B comprehensive zoning permit to allow for the multi-family development to be built on the site. In addition, Hopkinton Town Meeting voters approved the use of $450,000 from the town's Community Preservation Act fund.
"This project is evidence of our ability to find ways to build affordable housing that makes sense for our community," said RJ Dourney, chairman of the Hopkinton Board of Selectmen. "Hopkinton supports this development because it provides affordable housing for families, something all towns need." For Dourney's full official statement on the development, click here.
The Massachusetts Housing Partnership (MHP) is one of the key financial supporters of this $4.3 million development, using its bank-funded loan pool to provide a $1.3 million first mortgage commitment and a $750,000 zero-percent interest second mortgage from its Neighborhood Rental Initiative (NRI), a $5 million program that supports the creation of affordable housing for families in high-opportunity communities characterized by good schools, proximity to jobs, high housing costs, and a shortage of affordable housing. Hopkinton is the first community in Massachusetts to utilize the program.
"We know that there are suburban communities like Hopkinton that have local funds and public land to build affordable rental housing for families but often need additional technical assistance and financial help to make them viable," said Judy Jacobson, MHP's deputy director. "This program was designed to help communities like Hopkinton get these community efforts off the ground and we hope to do more of this type of small-scale affordable housing development across the Commonwealth."
Mayhew Court also received $1 million from the state's Affordable Housing Trust Fund and an $830,000 public housing bond from DHCD. Property Casualty Initiative is providing a $1.4 million construction loan.
"With families throughout MetroWest facing economic pressure, it's wonderful to see the town and the Commonwealth working together to providing housing," said Karen Spilka, State Senator for Hopkinton. "This development will create opportunities for local families to live and work in Hopkinton at a time when affordable housing is needed more than ever."
"This is a great example of how towns, the state, and private funders can partner to maximize affordable housing opportunities," added Carolyn Dykema, State Representative for Hopkinton. "It's exciting that the town is making this important step forward in providing affordable housing for families."