MassHousing Makes $16M Loan Commitments

BOSTON-MassHousing made nearly $16 million in loan commitments to preserve affordability at two housing projects in the Greater Boston area.MassHousing, the state’s affordable housing bank, made an $11.9-million loan commitment for Westland Avenue Apartments, a 96-unit development located in the Fenway neighborhood of the city. The loan commitment was made to the Fenway Community Development Corp., Inc., for the acquisition and rehabilitation of the apartment complex.. In exchange for the commitment, Fenway CDC has agreed to preserve the mixed-income breakdown of the building in perpetuity. Sixty-two of the units will be affordable to various incomes with 35 of the units available at market rate.The complex consists of seven buildings that were built at the beginning of the 1900s and are located on Westland Avenue. The unit mix includes six studios, 26 one-bedroom, 48 two-bedroom, 13 three-bedroom and three four-bedroom apartments.MassHousing also made $3.6 million in loan commitments for Cedar Meadows, a 59-unit mixed-income rental development in East Falmouth. Cedar Meadows is being built as a result of Chapter 40B, the state’s affordable housing law. It will consist of 59 units located on a nine-acre site at 784 Teaticket Highway. The unit mix will include 19 one-bedroom, 38 two-bedroom and two three-bedroom units. “Cape Cod has become one of the most expensive parts of the state in which to live,” says MassHousing executive director Thomas R. Gleason. “Because of Chapter 40B, Cedar Meadows will help increase the supply of affordable housing options for working families who might not otherwise be able to afford to live on the Cape.”