Sponsor: Victor and Daniel Kaufman
Loan Approved: March 23, 1998
MHP committed $569,000 in financing to help private developers Victor and Daniel Kaufman preserve a mix of 14 rental and condominium units in Chelsea.
TYPE: Preservation.
WHERE: 481 Broadway, Chelsea.
WHAT: The preservation of 14 rental and condominium units.
AFFORDABILITY: Six of the rental units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A perm plus first mortgage of $449,000 and a second mortgage of $120,000.