Developments > Edmands House
In participation with the Property and Casualty Initiative (PCI), MHIC provided $10.18 million of a $20.2 million acquisition loan to enable the developer to acquire the rental complex and preserve the affordability of 171 of its units. MHIC also provided a $7.5 million low-income housing tax credit investment for moderate rehabilitation of the complex. Edmands House originally was built in 1972 with HUD Chapter 236 financing, which means it was at risk of reverting to market rate when that financing expires in early 2014. The project consists of two, 6-story buildings.
Edmands House
Project at a Glance:
Location:
Framingham
Development Type:
Rental
Project Type:
New Construction
MHIC Financing:
$10,180,000 in debt financing, $7,528,004 in LIHTC financing
Sponsor:
Beacon Communities
Number of Units:
190
In participation with the Property and Casualty Initiative (PCI), MHIC provided $10.18 million of a $20.2 million acquisition loan to enable the developer to acquire the rental complex and preserve the affordability of 171 of its units. MHIC also provided a $7.5 million low-income housing tax credit investment for moderate rehabilitation of the complex. Edmands House originally was built in 1972 with HUD Chapter 236 financing, which means it was at risk of reverting to market rate when that financing expires in early 2014. The project consists of two, 6-story buildings.