Posted on May 19, 2010
SPRINGFIELD, May 19, 2010--- The Massachusetts Housing Partnership (MHP) recently committed $1.8 million in permanent rental financing to help the First Resources Development Company substantially rehabilitate 152 units in four scattered-site buildings in the Federal Street Historic District of Springfield.
The City View Commons I project will consist of 152 units of affordable rental housing in four scattered-site properties. The project will consist of 24 studio apartments, 103 one-bedroom units, and 25 two-bedroom units. All of the units will be affordable to residents earning up to 60 percent of the area median income (AMI).
This is the third project that MHP has collaborated on with the First Resources Development Company. Including this project, MHP has committed over $4.1 million for the financing of 356 units in Springfield with this developer.
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 $640 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.