Globe Local

CHELMSFORD

MassHousing provides tax-exempt loan for affordable housing in Chelmsford

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.

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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 laidler@globe.com.