Posted on July 20, 2011
BOSTON, July 20, 2011 --- Furthering its efforts to promote the creation of affordable housing across the state, the Massachusetts Housing Partnership (MHP) recently committed over $7.5 million in private funding to help finance five developments totaling 158 units in Sudbury, Ware, Salem, and two neighborhoods of Boston.
Here's a summary of MHP's recent loan commitments:
In Boston:
JP Scattered Sites Co-op, Jamaica Plain: In the Jamaica Plain neighborhood of Boston, MHP has committed $900,000 to help with the moderate rehabilitation of six buildings containing 18 affordable rental units. The complex consists of three one-bedroom apartments, two two-bedroom apartments, and 13 three-bedroom apartments.
Uphams West, Dorchester: MHP has committed $1.2 million in financing to help Dorchester Bay Economic Development Corporation (DBEDC) preserve and rehabilitate 13 units of affordable rental housing on Dudley, West Cottage, and Ramsey Street. The units will occupy two buildings and will consists of one one-bedroom apartment, six two-bedroom apartments, three three-bedroom apartments, and three four-bedroom apartments.
Outside Boston:
Quabbin Sunrise Co-op, Ware: MHP has committed $1.44 million in financing to help Resident Owned Communities (ROC) USA preserve 65 units of affordable rental housing on a mobile home site. All of the homes on site will contain two bedrooms and be made affordable to residents earning at or below 80 percent of the area median income (AMI).
St. Joseph's, Salem: MHP has committed $2.4 million to help the Planning Office for Urban Affairs (POUA) create 51 new units of affordable housing in The Point neighborhood. This new development will consist of six one-bedroom apartments, 38 two-bedroom apartments, andseven three-bedroom apartments. All of the units will be affordable to residents earning at or below 60 percent of the area median income (AMI).
Sudbury Scattered Site, Sudbury: MHP has committed $960,000 in first mortgage financing and $835,000 in deferred payment second morgage financing to help the Sudbury Housing Authority (SHA) construct 10 units of affordable rental housing and preserve one existing unit of affordable housing. The development will consist of 10 two-bedroom units and one three-bedroom units, all of which will be affordable to residents earning at or below 60 percent of the area median income (AMI). The second mortgage financing commitment comes from MHP's Neighborhood Rental Initiative (NRI), a $5 million program to support affordable housing for families in high-opportunity communities characterized by good schools, proximity to jobs, high housing costs, and a shortage of affordable housing.
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 these developments, contact MHP's Director of Lending David Rockwell at 617-330-9944 x222.