Sponsor: CHOICE Inc.
Loan Approved: January 27, 2011
MHP committed $785,000 in rental financing to help CHOICE Inc., a non-profit subsidiary of the Chelmsford Housing Authority, create five rental units for homeless families in Chelmsford.
TYPE: New construction.
WHERE: 4 James Street, Chelmsford.
WHAT: The new construction of five two-bedroom townhouse style rental units.
AFFORDABILITY: All of the units will be affordable to formerly homeless families at or below 50 percent AMI.
MHP FINANCING: A permanent first mortgage of $410,000 and a $375,000 Neighborhood Rental Initiative (NRI) second mortgage.