Sponsor: Cruz Development
Loan Approved: September 18, 1998
MHP committed $1.55M in financing to help Cruz Development to preserve 34 SRO units and construct 19 additional units in Roxbury.
TYPE: New, preservation.
WHERE: 2-76 Bower Street, 21-23 Centre Street, and 21 Nazing Street, Roxbury.
WHAT: The preservation of 34 SRO units and the construction of 19 additional SRO units.
AFFORDABILITY: All of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI). 6 units will be reserved for residents earning at or below 50 percent AMI and 6 units will be reserved for residents earning at or below 30 percent AMI.
MHP FINANCING: $1,550,000 in permanent rental financing.