MassHousing Offers $3M Refinancing for Affordable Real Estate Area in Lowell

MassHousing has actually provided $2.5 million in budget friendly real estate financing to Affordable Real estate and also Services Collaborative (AHSC) for the refinance of the 34-unit Majestic Apartments, a multifamily area for seniors and locals with handicaps in downtown Lowell, MASS.

. Of the 34 homes, 31 are restricted to families gaining at or below 50 percent of the Area Mean Earnings (AMI) as well as three systems are sustained by a federal Area 8 Real estate Support Payment contract for lower-income houses that will certainly be renewed for 20 years. The Area Median Revenue for Lowell is $108,000 for a family of four. The Majestic Apartments are included 4 studio homes and also 30 one-bedroom homes in a five-story building at 445 Merrimack Street in downtown Lowell.

“We are happy that this purchase will certainly aid make certain that the Majestic Apartments continue to be a high quality economical real estate choice for homeowners in downtown Lowell long right into the future,” claimed Chrystal Kornegay, executive supervisor at MassHousing. “AHSC shares MassHousing’s mission of offering affordable housing that will permit Massachusetts residents to prosper, and we mored than happy to be part of this deal with them.”

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David Cohen is Southeast Content Director at Link Commercial Genuine Estate. David is a media professional with greater than one decade of experience in journalism, copywriting and interactions throughout a variety of roles.
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Released at Thu, 01 Apr 2021 20:56:38 +0000

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