Massachusetts Housing Investment Corp. (MHIC) has closed on $2.5 million low-income housing tax credit investment for an affordable housing project for veterans and their families in Haverhill.

The project, located on Reed, Temple and Tremont streets, involves new construction of three residential buildings on two vacant lots and an underutilized parking lot and will create 27 units of housing. It is being developed by Coalition for a Better Acre (CBA), working with the Veterans Northeast Outreach Center (VNOC). Residents in these buildings will have easy access to the many services offered at the VNOC, including job readiness training, community meals and health and wellness classes.

The project began in April 2013 when VNOC approached CBA about the pressing need for high quality affordable housing for veterans and their families in the Merrimack Valley. Early this year, the Haverhill Zoning Board of Appeals (ZBA) unanimously approved the application for a Comprehensive Permit submitted by the VNOC. Due to the urgency of the need, the project was granted an expedited permitting and funding process. Construction began last month and is expected to be completed in November 2015.

In addition to MHIC’s LIHTC investment, financing for the $6.4 million was provided by the Massachusetts Dept. of Housing & Community Development, the city of Haverhill, the North Shore HOME Consortium, Community Economic Development Assistance Corp., and Pentucket Bank.

The architect for the project is Davis Square Architects and the contractor is Landmark Structures Corp.

Editor’s Note: This story has been updated since it was first published on Dec. 22.