Posted on January 7, 2011
LAWRENCE, Jan. 7, 2011 --- The Massachusetts Housing Partnership (MHP) recently committed $1.45 million in permanent rental financing to help Winn Development construct 75 units of rental housing on Broadway in Lawrence.
The Loft 550 apartments in the Malden Mills complex will consist of 75 units, 73 of which will be affordable to residents earning at or below 60 percent of the area median income (AMI). The units will be located in two renovated interconnected historic mill buildings with 18 one-bedroom apartments and 57 two-bedroom units.
This is the eleventh project that MHP has helped to finance in Lawrence. Including this project, MHP has committed over $11 million in financing to help create 450 rental units, 415 of which are affordable.
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 Megan Mulcahy at 617-330-9944 x269.