Posted on May 6, 2011
SPRINGFIELD, May 6, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $1.43 million in permanent rental financing to help First Resources Development Company create 144 units of affordable rental housing in Springfield.
The City View Commons II complex will consist of 144 rental units spread throughout nine scattered-site buildings. The buildings will consist of 40 studio apartments, 72 one-bedroom apartments, and two two-bedroom apartments. All of the units in the complex will be affordable to residents earning at or below 60 percent of the area median income.
MHP has committed $1.43 million in permanent rental financing towards this project. This is the fourth project MHP has done with First Resource Management Company. In total MHP has committed over $5.5 million to help this developer create 500 affordable rental units in Springfield.
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 Deputy Director of Lending Dick Mason at 617-330-9944 ext. 242.