MassHousing has successfully secured $8 million in financing for the development of 32 mixed-income cottage-style rental homes in Lancaster. The project, known as MCO Cottage Rentals, will span across 18 acres and feature green space. It will consist of a mix of 20 two-bedroom units and 12 three-bedroom units. Out of these, eight homes will be reserved for households with incomes up to 80% of the Area Median Income while the remaining 24 units will be available at market rates.
According to MassHousing CEO Chrystal Kornegay, “We are delighted to have collaborated with MCO & Associates on this project that aims to provide affordable housing options for families in Central Massachusetts.” The developer is contributing $1.1 million towards financing while construction is being carried out by MCO & Associates as well. Joseph Tatone & Associates LLC has been appointed as the architect and Madison Management LLC will oversee property management duties.
The completion date for this project is estimated to be October 2024.
