MassHousing and the state Department of Housing and Community Development (DHCD) have closed on $22 million in Affordable Housing Trust Fund (AHTF) loans for affordable housing in 16 communities.
The AHTF financing will help create or substantially rehabilitate and preserve the affordability of 973 rental apartments.
"Affordable housing is always in high demand across Massachusetts," Aaron Gornstein, undersecretary for DHCD said in a statement. "The Affordable Housing Trust Fund is one tool that we have for creating more affordable and accessible housing for young families and individuals and meeting Gov. [Deval] Patrick’s production goal of 10,000 new multifamily units a year in the commonwealth."
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. DHCD has also allocated Low-Income Housing Tax Credits, which have generated equity toward the cost of completing the projects.
The recent AHTF loan closings include the following projects:
• $1.45 million for the 92-unit Parc at Medfield Phases I and II in Medfield. The GateHouse Group LLC is developing a vacant parcel into four buildings with all of the units affordable to households earning up to $56,450 annually. DHCD also provided $1.3 million through its Housing Stabilization Fund program.
• $1 million for Homeowners Rehab, Inc. of Cambridge for the preservation and renovation of Putnam Square Apartments. The development includes 94 units of elderly housing located between Harvard and Central Squares in Cambridge.
• $1 million for the 24-unit Gorham Street Apartments in Lowell. Coalition for a Better Acre of Lowell is developing a six-story building on a vacant lot. Six of the units will be reserved for families at risk of homelessness. DHCD provided an additional $1.4 million in financing.
