MassHousing Supplies $37M in Funding for Mixed-Income Community in Mattapan Square

MassHousing Gives $37M in Funding for Mixed-Income Area in Mattapan Square

Order Reprints … November 16, 2020

MassHousing, along with charitable Preservation of Economical Real Estate(POAH) as well as the City of Boston has provided $36.5 million in cost effective housing funding for the advancement of the 135-unit The Loop Mattapan Station, a brand-new budget friendly and workforce housing area in Mattapan Square.

POAH is creating the Loophole at Mattapan Station on an underutilized MBTA parking area beside the Mattapan trolley line station. The 135 apartment or condo houses and 10,000 square feet of first-floor retail room will be consisted of in a six-story structure. All 135 home houses will certainly be deed-restricted as well as cost effective to families throughout a wide series of incomes, from very reduced earnings locals to moderate-income families, as well as will certainly consist of 30 new labor force housing systems.

MassHousing provided a total of $36.5 million in affordable housing financing to POAH affiliates in a set of associated transactions. The Company provided POAH with a total of $17.4 million in irreversible financing, $16.1 million in tax-exempt bridge loan, as well as $3 million from the Firm’s Labor force Real estate Campaign. Additional financing for the job included a total of $39.3 million in tax credit score equity from an allowance of Low Earnings Real Estate Tax Credit Ratings (LIHTC), allocated by the Massachusetts Department of Housing as well as Area Development.

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