Posted on November 30, 2010
FALMOUTH, Nov. 30, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $950,000 in permanent rental financing to help Affirmative Investments, Inc. and the Falmouth Housing Corporation construct 39 units of affordable rental housing in the eastern section of Falmouth.
The Veterans Park Apartments complex will consist of the new construction of two buildings and the rehabilitation of an existing VFW building to create 39 residential units for tenants ages 55 and over. The complex will consist of two studio apartments, 28 one-bedroom apartments, and nine two-bedroom apartments. The project will also include a 2,000 s.f. community center and 63 parking spaces. All of the units will be affordable for residents earning at or below 60 percent of the area median income.
This is the sixth Falmouth Housing Corporation project that MHP has provided financial support for. Including this project, MHP has committed over $11.2 million in permanent rental financing to help the Falmouth Housing Corporation create 185 rental units, 160 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 Senior Loan Officer Nancy McCafferty at 617-330-9944 x287.