MassHousing Gives $8 Million in Reasonably priced Housing Financing for the Improvement of 32 New Cottage-Model Rental Houses in Lancaster  

BOSTON – MassHousing has closed on $8 million in reasonably priced housing financing to MCO & Associates, Inc., which is at present constructing 32 new mixed-income cottage-style rental properties in Lancaster, MA.

The MCO Cottage Leases will embody 18 acres and embrace inexperienced house, was permitted by the City of Lancaster underneath Chapter 40B, and the brand new rental properties will characteristic 20 two-bedroom items and 12 three-bedroom items. Eight of the rental properties might be restricted to households incomes as much as 80 p.c of the Space Median Revenue and 24 of the items might be unrestricted and rented at market charges. 

“MassHousing was happy to work with MCO & Associates to create 32 model new mixed-income rental properties on this parcel in Lancaster for households who will quickly be capable to dwell and prosper in Central Massachusetts,” mentioned MassHousing CEO Chrystal Kornegay.  

MassHousing is offering MCO & Associates, Inc. with an $8 million everlasting mortgage and MCO is offering $1.1 million in financing for the mission. 

The contractor is MCO & Associates, the architect is Joseph Tatone & Associates, LLC, and the administration agent might be Madison Administration, LLC. Building is predicted to be accomplished by October 2024. 

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