Funding in Place for Massachusetts Affordable Property
- Oct 18, 2012
Lunenburg, Mass.—Funding is falling into place for Tri-Town Landing, Phase II, a 33-unit affordable development in Lunenburg. Earlier this month, an Affordable Housing Trust Fund (AHTF) loan closing for the property, and more recently Boston Capital has said it will provide tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
MassHousing and the Massachusetts Department of Housing and Community Development jointly administer the AHTF, which provides resources to create or preserve affordable housing throughout the state. AHTF funds are used primarily to support private housing projects that create or preserve affordable housing, and in the case of Tri-Town Landing, the project is receiving $750,000 from the fund.
For its part, Boston Capital is putting in an unspecified sum. To date, the apartment specialist has invested in nearly 4,035 units of affordable housing in Massachusetts.
Manchester, NH-based Great Bridge Properties LLC, is developing the property as a six one-bedroom, 24 two-bedroom and three three-bedroom units located in a three-story building. Units will be available to families earning 60 percent or less of the area median income.
Lunenburg is about 40 miles west of Boston, and the development is on the site of a former drive-in movie theater. MassHousing provided $2.7 million in financing for Phase I of the project, in which 66 new affordable rental apartments were developed in two three-story buildings.