Sponsor: James C. Wallace
Loan Approved: March 23, 1999
MHP committed $516,000 in financing to help private developer James C. Wallace acquire and preserve 17 SRO units.
TYPE: Preservation.
WHERE: 6 Derne Street, Boston.
WHAT: The acquisition and preservation of 17 SRO units.
AFFORDABILITY: Nine of the SRO units will be affordable to residents at 80 percent of the area median income (AMI).
MHP FINANCING: $426,000 in first mortgage perm plus rental financing and a $90,000 second mortgage.