Posted on November 2, 2010
SOMERVILLE, November 2, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $1.66 million in permanent rental financing to help the Somerville Community Corporation construct 29 units of affordable rental housing in Somerville.
The St. Polycarp Phase II rental development consists of 29 rental units in three buildings affordable to households earning at or below 60 percent of the area median income (AMI). The apartment complex will consist of three one-bedroom apartments, 20 two-bedroom apartments, and six three-bedroom apartments.
This is the third Somerville Community Corporation project that MHP has committed funds for. Including this project, MHP has committed over $4.4 million in permanent rental financing to help finance 72 units of affordable rental housing in Somerville.
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 $649 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Loan Officer Leslie Bos at 617-330-9944 x338.