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MHP commits $2.2M to finance 48 units

Posted on November 6, 2009

BOSTON (ROXBURY), November 6, 2009 --- The Massachusetts Housing Partnership recently committed $2.2 million in permanent rental financing to help non-profit developer Nuestra Comunidad Development Corporation construct 48 units of affordable rental housing in the Roxbury neighborhood of Boston.

The Thomas I. Atkins Apartments mixed-use development will include 48 units of affordable rental housing, a community room, three commercial spaces, and 55 parking spaces. The residential units will consist of 11 one-bedroom apartments, 25 two-bedroom apartments, and 12 three-bedroom apartments.

This is the seventh time MHP has helped finance Nuestra's efforts to bring affordable housing to the Roxbury area. All told, MHP has provided over $17 million in loans and commitments to Nuestra for the financing of over 300 units of affordable rental housing. In Boston, MHP has now provided over $169 million in loans and commitments for the financing of over 4,300 units of rental housing.

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 Megan Mulcahy.