Posted on September 16, 2013
BOSTON, Sept. 16, 2013 --- The Massachusetts Housing Partnership puts its bank-funded loan pool to work this past spring and summer, committing over $43 million for the financing of 646 units of rental housing across Massachusetts.
MHP uses funds from the banking industry provided through a 1990 state law which requires that companies that purchase Massachusetts banks make funds available to MHP for affordable housing. Since that law was passed, MHP has provided over $921 million in long-term loans and commitments for the financing of 19,785 rental homes, most of them affordable to lower- and middle-income families.
Here is a roundup of MHP's most recent loan commitments:
Boston area
Standard Box (Chelsea): MHP committed over $11.6 million in first mortgage financing to help Mitchell Properties LLP create The Standard Box Apartments. Standard Box will consist of 96 rental units in two buildings in the Box District neighborhood of Chelsea. Of the 96, 26 will be designated as affordable to residents earning at or below 80 percent of the area median income (AMI).
Parcel 24 (Chinatown, Boston): MHP committed $4.2 million in first mortgage financing to help the collaboration between Asian CDC and New Boston Fund, Inc. create 95 affordable rental units in the Chinatown neighborhood of Boston. The project will consist of the new construction of one nine-story building with 4,800 square feet of community space on the ground floor. All units will be designated as affordable for residents earning at or below 60 percent AMI.?
Chapman Arms (Cambridge): MHP committed $11.8 million in direct bond financing to help Homeowner's Rehab, Inc. preserve 50 units of rental housing and 9,777 square feet of ground floor commercial space in a five-story building in the Harvard Square neighborhood of Cambridge. All units will be made affordable to residents earning up to 60 percent AMI.
525 Beach Street (Revere): MHP committed over $1.7 million in first mortgage financing to help non-profit The Neighborhood Developers (TND) construct 30 new units of affordable rental housing near the Revere Beach T stop in Revere. The project will also include a community room and 34 underground parking spaces. All units will be made affordable to residents earning at or below 60 percent AMI.
Roxbury Hills (Roxbury, Boston): MHP committed $7,050,000 in first mortgage financing to help United Housing Management, LLC preserve 111 scattered-site units of rental housing in the Roxbury neighborhood of Boston. Of the 111 units, 73 will be designated as affordable to residents earning at or below 50 percent AMI.
Cape Cod
Village Green (Hyannis): MHP committed $2.6 in financing to help Dakota Partners create 60 new units of rental housing in Hyannis.? In addition to the 60 rental units, the developers will also construct a community building and 106 parking spaces.? Of the 60 units, at least 24 will be made affordable to residents earning at or below 60 percent AMI.
Western Mass
Cottage Square (Easthampton): MHP committed $1.12 million in financing to help Arch Street Development, LLC create 50 new units of rental housing in a former mill building in Easthampton. Of the 50 units, at least 20 will be designated as affordable to residents earning at or below 60 percent AMI.
Outing Park (Springfield): MHP committed $2.1 million in first mortgage financing to help First Resource Development LLC substantially renovate 94 units of rental housing in Springfield in 10 scattered site buildings. All of the units will be made affordable to residents earning at or below 50 percent AMI.
Olympia Oaks (Amherst): MHP committed $460,000 in first mortgage financing to help non-profit HapHousing construct 42 units of affordable rental housing in Amherst. The project will also include a community building, playground area and 75 surface parking spaces. All units will be designated as affordable to residents earning at or below 60 percent AMI.