AHSC, Inc. Receives $1.5 million Loan Commitment from Mass Housing

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FOR IMMEDIATE RELEASE: Affordable Housing and Services Collaborative, Inc. (AHSC) received a loan commitment today from Mass Housing for up to $1.5 million of new Construction and Permanent financing, as well as up to $3.5 million of a tax credit equity bridge loan and up to $3.9 million of Priority Development Fund (PDF) loan for the proposed acquisition and full-scale renovation of Middlebury Arms in Middleborough, MA. Middlebury Arms is an affordable 64-unit multi-family site that was originally built in the mid-1970s with the assistance of a state uninsured 236 mortgage.  AHSC’s executive director, Michael Mattos stated that “We are truly grateful for Mass Housing’s commitment to work with us to reposition, renovate and extend the affordability of Middlebury Arms, and improve the quality of life for the residents”.  AHSC intends to purchase the property in early 2014 from the current owner, preserve and extend the affordability of the units and make significant necessary improvements to interior and exterior of the buildings, as well as site.