Posted on March 2, 2011
CHELMSFORD, March 2, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $785,000 in financing to help the CHOICE Inc., a non-profit subsidiary of the Chelmsford Housing Authority, create five rental units for homeless families in Chelmsford.
The Residences at Highland Homes development will consist of five two-bedroom townhouse style rental units in a single wood frame building. The development will also include parking for up to eight cars.
MHP has committed $410,0000 in permanent first mortgage financing and $375,000 zero-percent interest second mortgage from its Neighborhood Rental Initiative (NRI), a $5 million program that supports the creation of affordable housing for families in high-opportunity communities characterized by good schools, proximity to jobs, high housing costs, and a shortage of affordable housing. All of the units will be 100 percent affordable for formerly homeless families earning up to 50 percent of the area median income (AMI).
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 Loan Officer Leslie Bos at 617-330-9944 x338.