Sponsor: Better Homes, Inc.
Loan Approved: August 12, 1999
MHP committed $616,000 to help a Springfield non-profit acquire, renovate and refinance 47 affordable units.
TYPE: Preservation, renovation.
WHERE: 22-24 Winthrop Street, 116-118 Hancock Street & 130 Tyler Street, 71 Adams Street, 91-93 Pine Street, 112 Hancock Street (parking) and 83 Pine Street (parking), all in Springfield, Massachusetts
WHAT: The acquisition and renovation of two fully-occupied buildings plus refinance and the renovation of two other fully-occupied buildings totaling 47 units. The unit mix includes one and two-bedrooms and are well maintained.
AFFORDABILITY: 27 units are affordable to residents earning up to 50 percent of the area median income and 20 units are affordable to residents earning up to 80 percent of the area median income.
MHP FINANCING: A first mortgage loan of $116,000 and a deferred-payment low-interest second mortgage of $500,000.
RENTAL INFORMATION: Better Homes for Springfield, Inc., 413-785-5312 .