MassHousing and the Department of Housing and Community Development (DHCD) said that $2.35 million in Affordable Housing Trust Fund (AHTF) loans have closed for affordable housing communities in Acton, Lunenburg and Springfield.
The AHTF provides resources to create or preserve affordable housing throughout the state. Funds are available for rental, homeownership and mixed-use projects, as well as housing for the disabled and homeless, but may be applied only to the affordable units. AHTF funds are used primarily to support private housing projects that provide for the acquisition, construction or preservation of affordable housing. MassHousing and DHCD jointly administer the AHTF.
The recent AHTF closings included:
• $600,000 for McCarthy Village Phase 2 in Acton, a 12-unit affordable rental development being constructed by the Acton Housing Authority at 15-26 Sachem Way.
• $750,000 for Tri-Town Landing Phase 2 in Lunenburg, which consists of 33 affordable units in a single, three-story building being constructed by Great Bridge Properties of Manchester, N.H., on the site of a former drive-in movie theater. MassHousing provided $2.7 million in financing for Phase 1 of the project, in which 66 new affordable rental apartments were constructed in two three-story buildings.
• $1 million for Tapley Court in Springfield, a 30-unit affordable rental development in the former Tapley School in Springfield that is being renovated by Better Homes, Inc., of Springfield.
"The Affordable Housing Trust Fund is a valuable resource for creating and preserving affordable housing across Massachusetts," MassHousing Executive Director Thomas R. Gleason said in a statement. "These recent loan closings are an important source of funding that will help create 45 new units of affordable housing and help renovate and preserve another 30 affordable apartments."
