Sponsor: Ray and Ron Falite
Loan Approved: July 14, 1998
MHP committed $805,000 in financing to help private developers Ray and Ron Falite preserve 16 rental units in Chelsea.
TYPE: Preservation.
WHERE: 32 Annese Road, Chelsea.
WHAT: The preservation of 16 rental units.
AFFORDABILITY: Seven units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A permanent plus first mortgage of $568,000 and second mortgage of $237,000.