Posted on April 13, 2011
BOSTON, April 13, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $6,625,000 in direct bond financing to help the Fenway Community Development Corporation (Fenway CDC) preserve 48 units of affordable housing for seniors and disabled tenants in the Fenway neighborhood of Boston.
The West Fenway Elderly Housing complex consists of 48 residential units, commercial space for the building management company, and 5 off-street parking spaces in one seven-story building. The building consists of 10 studio apartments, 30 one-bedroom apartments, six two-bedroom apartments, and two three-bedroom apartments. All units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP has committed $6,855,000 in direct bond financing for this project. In this transaction, BNY Mellon will purchase the bonds and those bonds, in combination with the syndication of 4% low-income housing tax credits by WNC and Associates Inc., will recapitalize the existing units at this property.
This is the fourth project that MHP has done with Fenway CDC. Including this project, MHP has committed over $9.4 million in financing to help create 136 affordable rental units in the Fenway neighborhood of Boston in partnership with this organization.
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 Amanda Roe at 617-330-9944 ext. 273.