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Boston & New England  + Boston  + Apartments  |  June 28, 2024
Emily Fu
By: Emily Fu

MassHousing Closes $8M Lancaster Affordable Housing Financing 

MassHousing has closed on $8 million in financing to MCO & Associates, Inc. for the development of 32 mixed-income cottage-style rental homes in Lancaster. The MCO Cottage Rentals, covering 18 acres with green space, will include 20 two-bedroom units and 12 three-bedroom units. Eight homes will be for households earning up to 80% of the Area Median Income, and 24 will be market-rate rentals. 

“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.   

MCO & Associates is contributing $1.1 million in financing. The contractor is MCO & Associates, the architect is Joseph Tatone & Associates, LLC, and Madison Management, LLC will manage the property. Construction is expected to be completed by October 2024. 

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Inside The Story

Chrystal Kornegay

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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