MassHousing provides $8M to Lancaster rental home project
Rendering | Courtesy of Lancaster Planning Board
A rendering of one of the houses to be built at 7 Jones Crossing in Lancaster
MassHousing, the quasi-public agency created to support affordable housing opportunities for state residents, has closed on $8-million loan for an on-going project to construct 32 mixed-income rental homes in Lancaster.
The neighborhood of cottage-style homes, which are being constructed by Harvard-based MCO & Associates Inc. at 7 Jones Crossing in Lancaster, will feature 20 two-bedroom and 12 three-bedroom houses. Eight of the homes will be restricted to households earning up to 80% of the area median income, according to a press release issued by MassHousing on Thursday.
MCO & Associates is providing $1.1 million in financing for the project.
The homes will feature in-house laundry, front porches, and private yards, according to the project’s website. Home sizes will range from 1,152 square feet to 1,408 square feet.
Construction of the project is expected to be completed in October.
The homes at the project are already listed on rental listing website Apartments.com, where rent prices for non-subsidized houses range from $3,375 to $4,100.
“MassHousing was pleased to work with MCO & Associates to create 32 brand new mixed-income rental homes on this parcel in Lancaster for households who will soon be able to live and prosper in Central Massachusetts,” Chrystal Kornegay, CEO of MassHousing, said in the press release.
MCO & Associates purchased the site of the rental homes for $1 million in January 2022, according to Worcester District Registry of Deeds records.
Joseph Tatone & Associates of North Reading is the architectural firm for the project, while Shrewsbury-based Madison Management will be the property manager for the site.
Eric Casey is a staff writer at Worcester Business Journal who primarily covers the manufacturing and real estate industries.
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