Posted on August 23, 2010
DORCHESTER, August 23, 2010 --- The Massachusetts Housing Partnership (MHP) recently committed $997,000 in financing to help non-profit developers Viet-Aid, Inc. construct 27 units of affordable rental housing in Dorchester.
The Bloomfield Gardens rental development consists of 27 rental units affordable to households earning at or below 60 percent of the area median income (AMI). The apartment complex will consist of four studio units, two one-bedroom units, 17 two-bedroom units, and four three-bedroom units. Included in the MHP financing is a $350,000deferred payment second mortgage from Home Funders, a program MHP offers to help developers make more units available to lower-income households.
This is the third Viet-Aid, Inc. project that MHP has committed funds for. Including this project, MHP has committed over $2.5 million in permanent rental financing to help Viet-Aid, Inc. finance 76 units of affordable rental housing in Dorchester.
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 Senior Loan Officer Megan Mulcahy at 617-330-9944 x269.