Sponsor: Harwich Ecumenical Council for the Homeless, Inc.
Loan Approved: May 13, 2008
MHP committed $1.345 million in financing to help the Harwich Ecumenical Council for the Homeless, Inc. acquire and preserve one rental property and construct nine new affordable rental properties in Harwich.
TYPE: New construction/preservation.
WHERE: 916 and 920 Main Street, Harwich.
WHAT: The new construction of nine affordable rental units and the preservation of one previously existing rental unit. The new construction will be contained in two buildings and consist of four one-bedroom units and five two-bedroom units. The acquired existing unit contains four bedrooms.
AFFORDABILITY: Nine of the units will be affordable to residents earning at or below 65 percent of the area median income (AMI).
MHP FINANCING: A permanent plus first mortgage loan of $670,000 and a deferred-payment second loan of $675,000.