Posted on April 8, 2011
QUINCY, April 8, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $997,000 in permanent rental financing to help non-profit developer Neighborhood Housing Services of the South Shore, Inc. (NHS) construct 24 units of affordable rental housing in Quincy.
The Winter Gardens complex will consist of 24 units of rental housing in one building with an elevator. The building will consist of three one-bedroom apartments, three two-bedroom apartments, and 18 three-bedroom apartments. All of the units will be affordable to residents earning at or below 60 percent of the area median income.
MHP has committed $997,000 in permanent rental financing towards this project. Including this project, MHP has committed over $1.6 million in financing to NHS create 31 units of affordable rental housing on the South Shore.
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 Senior Loan Officer Megan Mulcahy at 617-330-9944 ext. 269.