MassHousing has closed on $8 million in affordable housing financing to MCO & Associates, Inc., which is currently building 32 new mixed-income cottage-style rental homes in Lancaster, Massachusetts.
The MCO Cottage Rentals will encompass 18 acres and include green space, was permitted by the Town of Lancaster under Chapter 40B, and the new rental homes will feature 20 two-bedroom units and 12 three-bedroom units. Eight of the rental homes will be restricted to households earning up to 80 percent of the Area Median Income and 24 of the units will be unrestricted and rented at market rates.
“MassHousing was pleased to work with MCO & Associates to create 32 brand new mixed-income rental homes on this parcel in Lancaster for households who will soon be able to live and prosper in Central Massachusetts,” said MassHousing CEO Chrystal Kornegay.
MassHousing is providing MCO & Associates, Inc. with an $8 million permanent loan and MCO is providing $1.1 million in financing for the project.
The contractor is MCO & Associates, the architect is Joseph Tatone & Associates, LLC, and the management agent will be Madison Management, LLC.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided approximately $29 billion for affordable housing.
