The developer of a newly constructed apartment complex in Chelmsford that includes affordable units recently earned some state financing assistance.
MassHousing provided Princeton Properties with a tax-exempt $23.6 million low-interest loan that the firm will use to replace a conventional private loan that funded the construction of the Mill and 3 Apartments, a 108-unit rental development at 276 Mill Road.
Princeton Properties partnered with Parse Capital to construct the three-building complex under the state’s affordable housing law, Chapter 40B, which allows builders to bypass local zoning if 20 percent to 25 percent of the units are affordable.
The Mill and 3 Apartments includes 46 one-bedroom and 62 two-bedroom apartments. Of the 108 overall units, 22 will be affordable in perpetuity to households earning at or below 50 percent of the area median income. The median is $52,700 for a family of four in the Chelmsford area.
MassHousing has previously financed three Princeton Property rental developments: Princeton Westford in Westford, Princeton Boston Road in Billerica, and Princeton Commons in Chelmsford.John Laidler can be reached at email@example.com.