August 2, 2012
Framingham, Stow affordable housing projects receive loans
By Brian Benson/Daily News staff
The MetroWest Daily News
Affordable housing developments in Framingham and Stow were among 11 projects across Massachusetts that recently received loans from the Community Economic Development Assistance Corporation.
The corporation, a private-public community development finance institution, announced this week it approved a $285,000 loan to Stow Elderly Housing Corporation, $300,000 to Stow Community Housing Corporation and $50,000 to Cochituate Homes, Inc. in Framingham.
“It is encouraging to see affordable housing production and preservation in the MetroWest region of the state,” Roger Herzog, Community Economic Development Assistance Corporation’s executive director, said in a statement. “There are individuals and families in this affluent part of Massachusetts that are in need of greater access to affordable housing.”
Cochituate Homes, Inc. received $50,000 to preserve 160 units of existing affordable housing in Framingham. The loan will help Cochituate Homes’ board develop a financing plan to maintain the development’s affordability, according to a release.
The Stow Elderly Housing Corporation loan will help the organization build 37 new units for seniors. The project is next to an existing 50-apartment complex for seniors.
Also in Stow, the Community Economic Development Assistance Corporation approved a $300,000 loan increase to the Stow Community Housing Corporation, as part of the Pilot Grove Apartments II project. The Community Economic Development Assistance Corporation has now awarded that development $500,000 in loans. The project includes 30 new units of affordable rental housing next to Pilot Grove Apartments I, which has 60 units of mixed-income housing.
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