Posted on October 23, 2009
WAYLAND, October 23, 2009 --- The Massachusetts Housing Partnership recently committed $8.1 million in permanent rental financing to help private developer John M. O'Connor construct 52 new units of rental housing in Wayland.
The Commonwealth Road Residences project will consist of 52 new rental units, 13 of which will be designated as affordable for residents earning at or below 80 percent of the area median income. The complex will consist of four studio apartments, 22 one-bedroom apartments, 22 two-bedroom apartments, and four three-bedroom apartments. The developer also plans on building 98 parking spots, with 54 of those spots underground.
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 Deputy Director of Lending Dick Mason.