Posted on July 16, 2010
BOSTON (DORCHESTER), July 16, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $563,000 in permanent rental financing to help 1810 Realty Group, Inc. refinance and slightly rehabilitate 37 Single Resident Occupancy (SRO) units in the Dorchester neighborhood of Boston.
The project consists of two connected buildings containing 37 SRO units. Minor improvements will be made to the roof, deck, windows, and flooring in high traffic commons areas. The sponsor will also replace two water heaters in the development.
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 MHP Senior Loan Officer Megan Mulcahy.