Posted on May 2, 2011
NEWTON, May 2, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $1.85 million in permanent rental financing to help Meredith Management Corporation preserve 34 rental apartments on the site of a former school building in Newton.
The Peirce School complex consists of 34 rental units for elderly and disabled tenants in a former school building. The building includes 24 one-bedroom apartments and 10 two-bedroom apartments. Of the 34 units, 29 will continue to be affordable to residents earning at or below 50 percent of the area median income.
MHP has committed $1.85 million in permanent rental financing towards this project.
ABOUT MHP: MHP is a privately-funded, public non-profit affordable housing organization that uses private bank funds to provide long-term permanent loans for affordable rental housing development due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. Since 1990, MHP's loan pool has grown to over $1.1 billion and it has provided over $697 million in loans and commitments for the financing of over 17,000 rental units. For more information about this development, contact Loan Officer Leslie Bos at 617-330-9944 ext. 338.