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MassHousing Awards $15M Financing to Spur Three Mixed-Income Projects
The Healey-Driscoll Administration announced $15 million in Momentum Fund financing to advance three mixed-income housing developments that will create 192 new rental homes in Milton, Middleton and Newburyport. The projects, which have already received local approvals, will use the financing to move into construction quicker.
MassHousing is administering the financing. It includes $2.5 million for the Residences at Quarry Hills in Milton, a 40-unit rental community developed by a joint venture between Falconi Properties, HP Homes and Agora Properties; $6.5 million for the 92-unit third phase of the Newburyport Crossing development by MINCO Development; and $6 million for the Residences at Middleton Corner, a 60-unit project by Villebridge Real Estate Development.
“Massachusetts needs more homes, and we need to make it faster and less expensive to get them built,” said Gov. Maura Healey. “The Momentum Fund helps us do both by lowering financing costs, unlocking private investment and moving permitted projects into construction so more families, workers and communities can find reasonably priced homes.”
- ◦Development
- ◦Financing
