Sponsor: Commonwealth Land Trust
Loan Approved: September 18, 2003
MHP committed over $1.4 million to help Commonwealth Land Trust acquire and preserve 69 single room occupancy (SRO) units in Lawrence.
TYPE: Preservation
WHERE: 244-248 Broadway Street, Lawrence.
WHAT: The acquisition and preservation of 69 single residence occupancy (SRO) units.
AFFORDABILITY: Of the 68 units, 57 will be affordable at 50 percent AMI.
MHP FINANCING: A permanent first mortgage loan of $815,000 and a $673,474 deferred-payment second mortgage.
RENTAL INFORMATION: Commonwealth Land Trust, 978-686-8980.