Posted on November 9, 2010
BOSTON (DORCHESTER), November 9, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $600,000 in permanent rental financing to help the Codman Square Neighborhood Development Corporation (CSNDC) construct 24 units of affordable rental housing in the Dorchester neighborhood of Boston.
The AB&W Housing Cooperatives will consist of the new construction of 24 units of affordable rental housing. The complex will be made up of five one-bedroom apartments, 16 two-bedroom apartments, and three three-bedroom apartments. All of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
This is the eighth CSNDC's project that MHP has provided financial support for. Including this project, MHP has committed over $8.2 million in permanent rental financing to help CSNDC create 197 rental units, 185 of which are affordable.
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 $649 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Loan Officer Amanda Roe at 617-330-9944 x273.