Posted on May 4, 2011
CHELSEA, May 4, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $1.47 million in permanent rental financing to help non-profit Chelsea Neighborhood Developers (CND) create 32 units of affordable rental housing on Gerrish Avenue in Chelsea.
The Highland Terrace complex will be comprised of three buildings containing 32 units of rental housing, a community room, and common laundry facilities. The buildings will consist of four one-bedroom apartments, 24 two-bedroom apartments, and four three-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 $1.47 million in permanent rental financing towards this project. This is the fifth CND project that MHP has committed funds for totaling over $13 million to help create 210 affordable rental units in Chelsea.
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 Senior Loan Officer Megan Mulcahy at 617-330-9944 ext. 269.