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MHP commits $1.7 million to help create 50 rental units

Involved since beginning, MHP finances third phase of complex

Posted on March 7, 2011

BOSTON (DORCHESTER), March 7, 20111 --- The Massachusetts Housing Partnership (MHP) recently committed $1.7 million in financing to help Lena Park Community Development Corporation ("Lena Park CDC") and New Boston Development Partners LLC ("New Boston") construct 50 affordable rental units in the Dorchester neighborhood of Boston.

The Olmsted Green Phase III project will consist of 50 residential units in seven newly constructed buildings. The complex will consist of eight studio apartments, 34 two-bedroom apartment, and eight three-bedroom apartments.

MHP has committed $1.2 million in permanent first mortgage financing and a $500,000 deferred payment second mortgage from Home Funders, a program MHP offers to help developers make more units available to lower-income households. With Home Funders, Olmsted Green Phase III will be able to rent at least 10 units with two- and three-bedroom units to families with incomes at or below 30 percent of the median income. All of the units will be 100 percent affordable for families at 60 percent of the average median income.

This is the third phase of the Olmsted Green Campus that MHP has financed. In total, MHP has provided over $5.8 million in financing to help Lena Park CDC and New Boston construct 151 units of affordable rental housing on this site.

ABOUT MHP: 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 $649 million in loans and commitments for the financing of over 15,000 rental units. For more information about this development, contact Senior Loan Officer Nancy McCafferty at 617-330-9944 x287.

ABOUT HOME FUNDERS: The Home Funders collaborative was created to address the problem of affordable housing for extremely low income families. Offered by MHP and CEDAC, the funds are used so that developers can make more units affordable to lower-income households. Home Funders is funded by some of Greater Boston's most prestigious charitable foundations. It was founded by the Paul and Phyllis Fireman Charitable Foundation, The Highland Street Connection, The Hyams Foundation, The Boston Foundation, and The Mellon Charitable Giving Program/Peter E. Strauss Trust.