Sponsor: Caritas Communities, Inc.
Loan Approved: April 16, 1998
MHP committed $461,500 in financing to help Caritas Communities, Inc. acquire and rehabilitate 16 affordable rental units in Medford.
TYPE: Rehabilitation.
WHERE: 4-6 Ashland Street, Medford.
WHAT: The acquisition and rehabilitation of 16 affordable rental units.
AFFORDABILITY: All of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: MHP committed $301,500 in long-term, fixed-rate financing in addtion to a $160,000 zero-percent, deferred-payment loan in conjunction with financing from the North Suburban HOME Consortium and the City of Medford.