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 over 18 acres and feature a mix of 20 two-bedroom units and 12 three-bedroom units. Of these, eight homes will be reserved for households earning up to 80% of the Area Median Income while the remaining 24 will be market-rate rentals.
According to MassHousing CEO Chrystal Kornegay, “We are delighted to have collaborated with MCO & Associates on this initiative that brings much-needed affordable housing options to Central Massachusetts.”
MCO & Associates is contributing $1.1 million towards this development while Joseph Tatone & Associates LLC serves as the architect and Madison Management LLC takes charge of property management duties. Construction is expected to conclude by October2024.
The post titled “MassHousing Closes $8M Financing for Affordable Housing Project in Lancaster” was published on Connect CRE’s website.
