Posted on March 19, 2009
BOSTON, March 19, 2009 --- The Massachusetts Housing Partnership has committed $1.275 million in first mortgage financing to Lena Park Community Development Corporation for the development of Olmsted Green Rental Phase II, a new seven building complex consisting of 50 rental units. Additionally, 33 parking spaces will be constructed near the development, located at East Main Street, Kingbird Road and Sandpiper Lane, Dorchester.
The 50 apartments will be made up of eight one-bedroom units, 34 two-bedroom units, and eight three-bedroom units. All units will be affordable to tenants earning up to 60 percent of the 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 $610 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Senior Loan Officer Nancy McCafferty.