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MHP commits $2.1M to finance 49 units

Posted on February 1, 2008

WAREHAM, Feb. 1, 2008 --- The Massachusetts Housing Partnership (MHP) is supporting JK Scanlan Company’s construction of The Village at 815 Main Street with a $2.1 million long-term fixed-rate financing commitment from its bank-funded loan pool.

The financing will help support the construction of 49 affordable rental apartments. There will be 11 one-bedroom units, 35 two-bedroom units and three three-bedroom units in the development and all will be affordable to households up to 60 percent of median income, which in Wareham is $51,480 for a family of four.  In addition, five units will be set aside for households at 30 percent of area median income.

MHP is a quasi-public state agency that provides permanent financing for affordable rental housing, with loans ranging from $250,000 to $15 million.  MHP uses private bank funds to finance affordable housing due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP.  Since 1990, MHP has provided over $640 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Loan Officer Nancy McCafferty.