Posted on February 1, 2010
LAWRENCE, February 1, 2010 --- The Massachusetts Housing Partnership recently committed over $2.1 million in financing to help Lawrence Community Works rehabilitate one building located at the Southwick Mills campus into 60 units of affordable rental housing in Lawrence.
The Union Crossing project is set to consist of the partial redevelopment of 85,000 square feet on the site of the former South Mill campus. Within one building, MHP will help finance the new construction of 60 units of rental housing affordable to residents earning at or below 60 percent of the area median income (AMI). The units will consist of three one-bedrooms, 36 two-bedrooms, and 21 three-bedrooms.
This is the second deal that MHP has done with Lawrence Community Works. In 2006, MHP committed $980,000 in financing to help the organization create 11 units of affordable rental housing on Farnham Street in Lawrence.
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.