Posted on March 26, 2010
GLOUCESTER, March 26, 2010 --- The Massachusetts Housing Partnership recently committed $740,000 to help The Caleb Foundation, Inc. construct 34 units of affordable housing on the site of a former glue factory in Gloucester.
The LePage Village Phase III project is the final phase of re-development for the former LePage Glue Factory in Gloucester. The 34-units affordable rental development will consist of six one-bedroom units, 21 two-bedroom units, and seven three-bedroom units. All units will be made affordable to residents earning below 60% of the area median income (AMI). Additionally, 20 under-building parking spaces will be constructed.
This is the second phase of the LePage Glue Factory rehabilitation that MHP has helped to finance. In April 2007, MHP closed on a $2.4 million first mortgage to help Cape Ann Housing Opportunity, Inc. construct 43 affordable rental units at the property.
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 Loan Officer Joshua Lappen.