Two CDC Projects Awarded Funds in 2020 Affordable Housing Program Competition
The Federal Home Loan Bank of Boston awarded $7.2 Million to 5 Massachusetts affordable housing projects, through its Affordable Housing Program (AHP), part of more than $53 Million awarded to affordable housing initiatives in New England.
Five Massachusetts projects received funding, including two CDC projects:
Hilltown CDC received a $650,000 AHP grant for Chester Commons, an historic structure that Hilltown CDC will acquire and rehabilitate, to create 15 affordable rental units for residents with disabilities and residents aged 55 years or older. Hilltown CDC will continue to provide public use of the Hamilton Memorial Library and Museum, located in the building, an important resource in Chester, a rural community in Western MA. The AHP grant was provided through Florence Savings Bank, which will also provide construction financing.
North Shore CDC received an AHP subsidy of just under $1 Million and a loan of almost $3 Million to develop Lafayette Housing II, located in the historic Salem Point neighborhood. Through the acquisition and rehabilitation of 11 buildings, 61 affordable apartments, including some large family units, will be provided- along with two commercial spaces. The AHP grant was awarded through Eastern Bank, which is also providing construction financing and financing to bridge receipt of the Low-Income Housing Tax Credits.
MACDC congratulates Hilltown CDC and North Shore CDC on their awards!