Posted on March 26, 2012
BOSTON, March 26, 2012 --- The Massachusetts Housing Partnership (MHP) recently committed over $25.9 million to finance 275 units in five housing projects across the state. Read below for summaries of MHP's role in these developments.
North of Boston: Avalon Andover and Holcroft Park Homes -Phase 2
Avalon Andover (Andover): MHP committed $15 million in first mortgage financing to help AvalonBay Communities, Inc. create 115 units on the former St. Clare Monastery site on River Road in Andover. All 115 units, 23 of which will be affordable to residents earning at or below 80 percent of the area median income (AMI), will be containing in one building with 195 surface parking spaces, 24 garage parking spaces, a health club, pool, and clubhouse.
Holcroft Park Homes - Phase 2 (Beverly): MHP committed $929,600 in permanent rental financing and $300,000 in a Home Funders second mortgage to help the North Shore Community Development Coalition and the YMCA of the North Shore construct 29 units of affordable rental housing. The units will be contained in two buildings located at 17-25 Mill Street and 33-37 Mill Street in Beverly. All units will be designated as affordable for residents earning at or 60 percent of the area median income (AMI). In 2010, MHP committed $1.15 million to help the same sponsors construct 29 affordable units in the first phase of Holcroft Park Homes. Click here to read more the first phase of this project.
West of Boston: Austin Corridor II and Prescott Mills Apartments
Austin Corridor II (Worcester): MHP committed $794,642 in first mortgage financing to help Worcester Common Ground renovate six buildings with 20 affordable units inside. The buildings are located at 84,109, and 115 Piedmont Street, 136 Austin Street, 7-11 Bellevue Street, and 3 Bancroft Street in Worcester. All units will be designated as affordable to residents earning at or below 60 percent of the area median income (AMI).
Prescott Mills Apartments (Clinton): MHP committed $7.4 million in financing to help Meredith Management Corporation preserve 101 rental units for elderly and disabled tenants and families in a former mill building on Water Street in Clinton. All of the units will be affordable to residents earning at or below 50 percent of the area median income (AMI).
South of Boston: Great Cove Community
Great Cove Community (Mashpee): MHP committed $745,000 in first mortgage financing and $750,000 in Neighborhood Rental Initiative (NRI) subisdy to help the Housing Assistance Corporation (HAC) construct 10 affordable housing units on Old Barnstable Road in Mashpee. The complex will consist of five two-story townhouse buildings with eight two-bedroom units and two three-bedroom units. The site will also include 20 parking spaces.
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 $745 million in loans and commitments for the financing of over 17,700 rental units.
Contact Callie Clark at 617-330-9944 x336 for additional information about these developments.