Posted on May 20, 2014
PAXTON, May 20, 2014 --- U.S. Rep. James McGovern joined state and local leaders recently for the grand opening of Paxton Hills, a 50-unit affordable rental apartment building for seniors.
Built on a 10-acre portion of a 30-acre town site near Route 31, Paxton Hills features 45 one-bedroom and five two-bedroom apartments for persons ages 62 and over. Paxton Hills was co-developed by Matt Mittelstadt and JK Scanlan Company.
All of the units will be rented as affordable apartments to households with incomes at or below 60 percent of the area’s median income. Five of the units, including one two-bedroom apartment, will be available to households at or below 30 percent of the area’s median income.
Paxton Hills was financed primarily with federal and state low-income tax credits awarded by the state Department of Housing and Community Development (DHCD). The state also provided federal HOME funds and funds from its Affordable Housing Trust Fund. TD Bank North was the construction lender.
The Massachusetts Housing Partnership used its bank-funded loan pool to provide a $1.46 million long-term loan commitment. "I would like to congratulate JK Scanlan, Matt Mittelstadt, the Town of Paxton and the Paxton Housing Partnership for working to provide this housing," said MHP Senior Loan Officer David Hanifin at opening ceremonies on May 15.
The Town of Paxton was indeed a strong supporter of this project, voting four times at Town Meeting on measures to support the project. These votes included getting the town to agree to set aside this land for affordable housing, okaying the creation of a senior overlay district, and authorizing selectmen to enter into a 99-year lease agreement with the developers for the land.
For more information about this development and MHP's financing options, contact MHP's David Hanifin at dhanifin@mhp.net.