Posted on April 29, 2011
PROVINCETOWN, April 29, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $1,047,567 in financing to help The Community Builders create 50 units of affordable senior housing in Provincetown.
The Province Landing project will consist of the new construction of 50 residential rental units in six buildings with over 2,500 square feet of commercial space and 50 parking spaces. The project will consist of 25 one-bedroom units, 21 two-bedroom units, and four three-bedroom units. All units will be affordable to residents earning at or below 80 percent of the area median income (AMI).
MHP has committed $1,047,567 in permanent rental financing to this project. MHP has also provided technical assistance to town since the beginning of this project. MHP's Community Housing Initiatives (CHI) team helped the town initially draft a Request for Proposals (RFP) when the town was looking for a team to develop this site. CHI later helped the town create a housing needs assessment, secure $8,000 in HOME technical assistance funding, and helped secure state brownfields funds through MassDevelopment.
ABOUT MHP: MHP is a privately-funded, public non-profit affordable housing organization that uses private bank funds to provide long-term permanent loans for affordable rental housing development due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. Since 1990, MHP's loan pool has grown to over $1.1 billion and it has provided over $697 million in loans and commitments for the financing of over 17,000 rental units. For more information about this development, contact Loan Officer Amanda Roe at 617-330-9944 ext. 273.