Posted on May 6, 2010
BOSTON, May 6, 2010 - The Massachusetts Housing Partnership (MHP) recently committed over $2.7 million in permanent rental financing to help the Urban Edge Housing Corporation and WinnDevelopment LLC substantially rehabilitate 103 units of affordable rental housing in the neighborhoods of Dorchester, Roxbury, and Jamaica Plain.
The JP Apartments complex will consist of 103 affordable rental units in 11 buildings scattered throughout three Boston neighborhoods. The units will consist of nine one-bedroom apartments, 20 two-bedroom apartments, 53 three-bedroom apartments, and 21 four-bedroom apartments. All units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
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 Loan Officer Joshua Lappen.