$14M in Loans to Support 1,243 Units of Affordable Mass. Housing
- Mar 29, 2016
Boston—MassHousing and the state Department of Housing and Community Development (DHCD) have closed on $14 million in Affordable Housing Trust Fund loans that will be targeted towards affordable housing in nine Mass.-based communities.
Plans for the AHTF financing include creating or substantially rehabilitating and preserving the affordability of 1,243 rental apartments.
“Not only do projects developed with AHTF financing increase the stock of affordable housing across the Commonwealth, but they infuse neighborhoods with new development that serves a wide range of communities,” Chrystal Kornegay, the state’s undersecretary of housing and community development, said. “Tools like the AHTF provide more opportunities for holistic approaches to development that benefit entire neighborhoods.”
Of the financing, $1 million will go toward the 51-unit Ashmont TOD2 rental in Dorchester, a six-story building being developed by Trinity Financial Inc. TOD2 will contain 32 condominiums for purchase on the upper floors and ground floor retail space.
Another $1 million is earmarked for the 44-unit Whittier Lyndhurst Washington Homes in Dorchester, being developed by the Codman Square Neighborhood Development Corporation.
The 96-unit Fitchburg Yarn Mill in Fitchburg will receive $1.45 million for the transformation of the former Nockege Mill into 96 units of new mixed-income housing. DHCD is also providing financing for the new housing.
Another $3 million is headed for the development of Parcel 1B near North Station in Boston where Related Beal is building 239 units of new affordable housing. DHCD is also providing financing for the project.
Other projects receiving funding include $1 million for the 70-unit Mass Mills III in Lowell; $993,197 for the 42-unit 19 Bixby Road, in Spencer; $1 million for the 22-unit Montello Welcome Home in Brockton; $1.6 million for the 80-unit Harbor Place Merrimack Street and Riverfront developments in Haverhill; $1 million for the 120-unit Island Creek Village North in Duxbury; $500,000 for the 200-unit Leyden Woods in Greenfield; $934,585 for the 39-unit 75 Amory Avenue in Jamaica Plain; and $950,000 for the 73-unit Duck Mill/Union Crossing Phase 2 development in Lawrence.
“The Affordable Housing Trust Fund provides critical funding to help create a wide array of quality affordable housing for Massachusetts residents ranging from the formerly homeless to working families,” Timothy C. Sullivan, MassHousing’s executive director, said. “While many of these new housing communities will transform neighborhoods, they will also provide an affordable place to live and prosper for hundreds of residents across the Commonwealth.”