HOPE PARTNERSHIP, INC. RECEIVES $1.4 MILLION IN FINANCING FOR SPENCER'S CORNER PROJECT
HOPE Partnership, Inc. is thrilled to announce a total of $1.4 million in financing for our Spencer’s Corner project in Centerbrook from the Federal Home Loan Bank of Boston Affordable Housing Program (AHP) and Essex Savings Bank. The financing is comprised of a $500,000 direct subsidy and $900,000 Capital Advance to provide both construction and permanent financing for the conversion of the second and third floors of the Spencer’s Corner property into 17 units of affordable housing. The Capital Advance is a loan which includes $200,339 to subsidize the interest rate. Construction is expected to begin later this year.
HOPE Partnership is a non-profit organization dedicated to developing affordable workforce housing opportunities in Southern Middlesex County. HOPE’s philosophy is to collaborate with town government, builders, and other private partners to build housing that is attractive, sustainable and appropriate to the surrounding neighborhood. The CFMC grant will be used to train HOPE staff to act as an administrator for approved affordable housing developments throughout the shoreline area; both for HOPE projects as well as third party projects.
Tony Lyons, Board President of HOPE Partnership, states “this funding represents the last piece of financing needed to begin construction of Spencer's Corner. We are very grateful to ESB and the Federal Home Loan Bank of Boston for their vote of confidence in HOPE.”
The Affordable Housing Program (AHP) allows the Federal Home Loan Bank of Boston to address, in partnership with member institutions, affordable-housing needs primarily in communities across New England. A portion of the Bank's net earnings funds the program, which awards grants and low-interest advances, or loans, through member institutions.
Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851. The Bank serves the Connecticut River Valley and shoreline with six offices in Essex (2), Chester, Madison, Old Lyme and Old Saybrook providing a full complement of personal and business banking. Financial, estate, insurance and retirement planning are offered throughout the state by the Bank’s Trust Department and wholly-owned subsidiary, Essex Financial Services, Inc., Member FINRA, SIPC.
For more information on HOPE Partnership Inc, or how you can support its community outreach, contact Loretta McCluskey at (860) 388-9513, or email@example.com or visit our website, www.hope-ct.org