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Massachusetts Housing Finance Agency
One Beacon Street, Boston MA 02108
Tel. 617.854.1000 | TDD 617.854.1025 | FAX 617.854.1029

Contact:
Eric Gedstad: 617.854.1079
Eric Berman: 617.854.1843

MassHousing Makes $9.7 Million Loan Commitment for Affordable Housing in Amherst

Grant Program Recognized with Program Excellence Award from The National Council of State Housing Agencies

BOSTON – November 9, 2004 – MassHousing’s Board of Directors voted today to approve a $9.7 million loan commitment for affordable housing at Village Park in Amherst.

"Village Park has been an important affordable housing resource for non-student residents of Amherst for several decades and I am glad our loan commitment will help continue that tradition," said MassHousing Executive Director Thomas R. Gleason.

Village Park is a 200-unit housing complex located in Amherst within walking distance of the University of Massachusetts campus. The development consists of 96 one-bedroom units, 94 two-bedroom units and 10 three-bedroom units in 28 buildings. Of the total units:

  • 95 are affordable for very low-income families earning at or below 50% of the area median income (AMI) in Amherst (which is $30,550 for a family of three);
  • 72 units are affordable for low-income families earning at or below 60% AMI (which is $36,660 for a family of three); and
  • 33 units are available for families earning at or below 80% AMI (which is $48,900 for a family of three).

"I would like to extend my gratitude to the Board of Directors and staff of MassHousing for the approval of our financing application for the purchase of Village Park Apartments in Amherst," said Mark Carbone, President of Related Apartment Preservation, LLC. "Our purchase of Village Park Apartments will ensure its continued affordability and the renovations planned for the property will further enhance the quality of life of its residents."

Originally constructed in 1973 under the U.S. Department of Housing and Urban Development’s Section 236 Program, the development is need of repairs and upgrades. Improvements will be made to site drainage systems and deteriorated exterior wood siding will be replaced.

MassHousing made the $9.7 million loan commitment to Village Park Preservation, LP, whose principals are Steve Ross and Mark Carbone, for the acquisition and rehabilitation of Village Park. In exchange for the financing, the owners agree to preserve affordability for 40 years. The developer of the property is Related Apartment Preservation, LLC and the management company is Related Management Company.

About MassHousing
The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $8.5 billion in financing for more than 80,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing website at

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