Sponsor: Visiting Nurses Assocation of Eastern Massachusetts
Loan Approved: August 7, 1998
MHP committed over $6.7 million in permanent rental financing to help Visiting Nurses Association of Eastern Massachusetts construct 97 new assisted living units in Somerville.
TYPE: New construction.
WHERE: 259 Lowell Street, Somerville.
WHAT: The new construction of an assisted living facility for the elderly. The project involves the new construction of 97 assisted living units. When completed, the Visiting Nurse Assisted Living Residences will contain a 2-story dining hall, beauty shop, chap, common areas for residents, and administrative offices.
AFFORDABILITY: 73 of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A permanent first mortgage loan of $6,711,852 and $775,0001 in acquisition funding through Community Economic Development Assistance Corporation (CEDAC).