Posted on May 23, 2014
CARLISLE, May 23, 2014 --- State and local leaders gatheredwith private and public funders recently to celebrate the grand opening of Benfield Farms, a 26-unit mixed-income senior housing development.
Developed by the Neighborhood of Affordable Housing (NOAH), a nonprofit developer, Benfield Farms features five units for seniors under 30 percent of area median income (AMI), 17 units for seniors below 60 percent of AMI and four units for households under 100 percent of AMI.
The development was financed primarily with federal and state low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD). The state also provided funding through its Housing Stabilization Program and the Affordale Housing Trust Fund, which is administered by MassHousing.
MHP used its bank-funded loan pool to provide a long-term financing commitment of $1.45 million. Construction financing was provided by Bank of America. The Town of Carlisle provided $425,000 in Community Preservation Act funds.
Carlisle's contribution of CPA funds was the punctuation point to the town's effort to preserve open space and increase its supply of affordable housing. This community-wide effort began in 2004 when a group of concerned Carlisle Citizens from conservation, housing and recreation worked together to convince a special Town Meeting to vote in favor of purchasing the 45-acre Benfield property for $2 million, using bonding authority through the town's Community Preservation Act.
Following the town's purchase, the property was divided into four lots, with three set aside for conservation and recreation and one lot set aside for the Benfield development. Following several public hearings, a Ch. 40B permit was granted by the town's zoning board of appeals in 2010, clearing the way for multi-family housing to be built on the Benfield property.
For more information about this development and MHP's financing options, contact Senior Loan Officer Amanda Roe at aroe@mhp.net.