Posted on June 20, 2011
CAMBRIDGE, June 20, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $9.7 million in construction and permanent rental financing to help Franklin Street Associates LP rehabilitate 122 units of rental housing in the Cambridgeport neighborhood of Cambridge.
The Cambridge Court Apartments consists of the moderate rehabilitation of 122 rental units for elderly tenants in one 10-story building. The development will consist of 47 studio units and 75 one-bedroom units. Of the 122 units, 105 will be made affordable to residents earning at or below 50 percent of the area median income (AMI).
MHP has committed $9,700,000 in construction and permanent rental financing towards this project. This is the tenth project that MHP has committed financing to in Cambridge. In total MHP has committed over $33 million in financing to help create 557 affordable housing units in Cambridge.
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.