 |
 |
       
|
Andover Portland Associates, MassDevelopment Break Ground for Casco Crossing Housing Development
|
February 15, 2005 Contacts: Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com Tracy Lawrence, 617-330-2011 or tlawrence@massdevelopment.com MassDevelopment President and CEO Robert L. Culver today joined the principals of Andover Portland Associates, LLC to break ground for Casco Crossing, a housing development in Andover. The group will use a $14 million MassDevelopment bond to construct a 96-unit multi-family housing community. Twenty of the new units will be designated affordable and offered to families earning up to 50 percent of the area median income. "The MassDevelopment team is pleased to partner with Andover Portland Associates to bring this project to life," said Culver. "It is extremely important to support affordable housing construction as housing prices continue to influence the state's ability to compete in business recruitment and retention." As part of the project, Andover Portland Associates is donating a single-family home, located on the edge of the development site, to Andover's Community Trust. The Trust plans to renovate the home before adding it to the region's affordable housing stock. "When it came time to decide what to do with the house, the answer was easy," said Stephen Stapinski, principal, Andover Portland Associates. "Rather than demolish the structure, why not maintain it, donate it and help those in need? I'd like to thank KeyBanc and MassDevelopment for structuring this competitive financing package. I'd also like to acknowledge everyone else involved in making Casco Crossing a reality." Also in the region, MassDevelopment recently financed the redevelopment of the Ashford Street School in Methuen. The Massachusetts Housing Opportunity Corporation (MHOC), a nonprofit organization that helps communities solve their housing issues and needs, hosted a ribbon cutting event earlier in the day to celebrate the successful renovation of the school into 20 affordable condominium units for residents 55 and over. Working with Butler Bank, MassDevelopment issued a $483,000 loan participation in a $2.1 million construction loan for MHOC. MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.
|
| Call 800.445.8030 or click here. |