Partners: Princeton Properties, Massachusetts Housing Partnership, Town of Westford
From left, Monte Stanford, MassHousing Chief of Staff; Andrew Chabin, President, Princeton Properties; and Mark Curtiss, Managing Director, Massachusetts Housing Partnership.
Developed by Princeton Properties under the state's affordable housing law, Chapter 40B, the new 200-unit Princeton Westford was made possible in large part through a first-of-its-kind financing partnership between MassHousing and the Massachusetts Housing Partnership (MHP). MassHousing issued variable rate, tax exempt bonds to fund the loan, while MHP utilized its existing banking relationships to arrange for credit enhancement and liquidity for the loan throughout its term. MHP will act as the loan servicer, and both agencies will share the risk.
"This has been an innovative and collaborative effort and we are excited to do more of these," said MHP Managing Director Mark Curtiss. "This is exciting for this region to have such a high quality development. More rental housing is sorely needed and this will help our local economy moving forward."
Princeton Westford is comprised of 48 one-bedroom units and 152 two-bedroom units housed in five four-story buildings. Forty of the units will remain affordable for eligible tenants. Princeton Properties President Andrew Chaban said the permitting and development process was long and arduous but in the end the developer and the town were able to work together to make Princeton Westford a reality.
"When you involve 40B you expect sparks to fly and it takes careful planning to make it possible. Westford assisted us until we got to yes."
"This is very replicable," added MassHousing Executive Director Tim Sullivan. "This is a partnership we hope to repeat, particularly for new production."