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Needham oversight panel: $3.2M CPA pledge and MassHousing letter advance two affordable-housing projects
Summary
The Town of Needham oversight committee heard progress reports on the Seabed/CBEDS and Linden Terrace projects: a $3,200,000 CPA funding agreement is signed, a MassHousing permanent financing letter for up to $12,250,000 was received at a 5.52% rate, and Linden Terrace was invited into a final EOHLC application round that could save roughly $4 million and a year of delay.
Reg Faulkner, chair, told the Town of Needham Finance & Community Housing Oversight Committee on Jan. 12 that the town and the Needham Housing Authority have signed a $3,200,000 Community Preservation Act (CPA) funding agreement to support the Seabed/CBEDS project and that the team received a permanent financing letter from MassHousing for up to $12,250,000 with the interest rate quoted at 5.52%.
Faulkner said design documents that were at 50% construction-document (CD) level have been reviewed and the project is aiming for 100% CDs by February so bid documents can go out in March. He emphasized that the project’s target is a financial closing in June 2026; Faulkner clarified that June is the…
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