Posted on August 9, 2010
QUINCY, August 9, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $1.29 million in financing to help Asian Community Development Corporation construct 34 units of affordable rental housing in Quincy.
The 6 Fort Street development consist of the adaptive re-use of an office building into 34 units of affordable rental housing in one four-story building with 67 parking spaces. The bedroom mix in the project will be eight one-bedroom units, 22 two-bedroom units, and four three-bedroom units. All units will be affordable to residents earning at or below 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 $640 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Deputy Director of Lending Dick Mason at 617-330-9944 x242.