Sponsor: Caritas Communities, Inc.
Loan Approved: March 18, 1996
MHP committed $320,000 in financing to help Caritas Communities, Inc. acquire and substantially rehabilitate 27 SRO units in Everett.
TYPE: Rehabilitation.
WHERE: 76 Norwood Street, Everett.
WHAT: The acquisition and rehabilitation of 27 SRO units. The non-profit will add new bathrooms, kitchens and common living area on each of the three floors.
AFFORDABILITY: All units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A permanent first mortgage of $320,000.