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Eastern Bank Provides Financing For LeClair Village Apartments, An Affordable Housing Development On Cape Cod
The three-building complex in Mashpee will feature 39 affordable rental units designed to serve low- and moderate-income households BOSTON--(BUSINESS WIRE)--
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nThe three-building complex in Mashpee will feature 39 affordable rental units designed to serve low- and moderate-income households\n\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bank is pleased to announce its financing for the development of the LeClair Village Apartments, in Mashpee, MA. Scheduled to open in 2025, LeClair Village will feature 39 affordable rental units designed to serve low- and moderate-income households, including 14 one-bedroom apartments, 21 two-bedroom units, and 4 three-bedroom apartments. Eastern is providing a construction loan for the build-out of the Village, permanent financing for the ongoing operations of the Village, and an estimated $10 million in Federal Low-Income Housing Tax Credit investment.\n\n\nLeClair Village Apartments is under development through a collaboration between Housing Assistance Corporation and Preservation of Affordable Housing, Inc. (POAH), with POAH serving as lead developer. Both organizations were recently recognized by Eastern Bank Foundation as 2023 Community Advocacy Award honorees for their leadership in affordable housing on the Cape. The development is named after Mary LeClair, a long-time champion of housing issues on Cape Cod and a former board member at Housing Assistance Corporation.\n\n\n“As the housing crisis on the Cape escalates, the need to narrow the affordability gap for low- and moderate-income residents has become more important than ever,” said Aaron Gornstein, President and CEO of Preservation of Affordable Housing. “Eastern’s background as a community bank with a specialty in community development lending set them apart as a banking lender as they understand the full range of needs to create a financing package for this project. We are thrilled to work with them as we set this development in motion.”\n\n\n“The development of LeClair Village Apartments serves as an essential investment in the health of both our Mashpee community and economy,” said Alisa Magnotta, CEO of Housing Assistance Corporation. “We are excited to provide this development to our most at-need residents, and continue our mission to ensure high-quality, accessible housing for all.”\n\n\n“Quality affordable housing is a key element of a strong and stable economy,” said Yongmei Chen, Senior Vice President and Team Leader of the Community Development Lending Group at Eastern Bank. “Thro...