Posted on December 16, 2010
CAMBRIDGE, Dec. 16, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $2.82 million in permanent rental financing to help non-profit developer Homeowner's Rehab, Inc. construct 40 units of affordable rental housing on Putnam Avenue in Cambridge.
The Putnam Green complex will consist of 40 new rental units in two buildings with 12,000 square feet of open space and 28 underground parking spaces. The buildings will consist of 10 one-bedroom apartments, 20 two-bedroom apartments, and 10 three-bedroom apartments. All of the units will be affordable to residents earning at or below 60 percent of the area median income.
This is the sixth Homeowner's Rehab, Inc. project that MHP has committed funds for. Including Putnam Green, MHP has committed over $16 million in permanent rental financing to help this non-profit developer create 254 units of housing, 197 of which are affordable.
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 Amanda Roe at 617-330-9944 x273.