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MHP commits $6.3M to finance 140 units north of Boston

44 units in Lawrence, 53 units in Chelsea, 43 units in Beverly

Posted on November 20, 2009

BOSTON, November 20, 2009 --- With loan commitments totaling over $6.3 million, MHP is helping three communities north of Boston add 140 units of rental housing.

Beverly:Cabot Street Homes

In Beverly, MHP committed $570,000 in permanent rental financing to help the Beverly Affordable Housing Coalition, Inc. and the YMCA of the North Shore create 43 units of affordable rental housing.

The project consists of the demolition of an existing room house in a motel, the renovation of a building with 11 existing rental units, and the new construction of an adjacent building with 32 rental units. All units made affordable to residents earning at or below 60 percent of the area median income.

Chelsea: Atlas Lofts

In Chelsea, MHP committed $5 million in permanent rental financing to help private developer Mitchell Properties LLC in the rehabilitation of two former mill buildings into 53 units of rental housing.

The project consists of the gut rehabilitation and adaptive reuse of two interconnected mill buildings into 53 rental units with 64 parking spaces. At least six of the units will be made affordable to residents earning at or below 80 percent of the area median income (AMI). These affordable units will be further restricted under the federal HOME program with 4 units at 65 percent AMI and 2 units at 50 percent AMI.

Lawrence: Sacred Heart Apartments

In Lawrence, MHP committed $800,000 in permanent rental financing to help Beacon Communities LLC create 44 new rental units.

The project will consist of the substantial rehabilitation of three buildings to include 44 affordable rental units, a community room, and 48 parking spaces. All of the units will be affordable to residents earning at or below 60 percent of the area median income.