Providence, RI – Citizens announced that its Community Development Group closed on a $15.6 million tax-exempt bond transaction to provide construction financing to Caleb Mohawk Limited Partnership, whose sponsor is The Caleb Foundation, Inc. The funds will be used for tenant-in-place rehabilitation of 190 units of affordable housing at Mohawk Forest in North Adams, MA.
There are 113 units reserved for tenants at or below 30% (Area Median Income), 28 units are reserved for tenants at or below 50% AMI, 36 units for tenants at or below 60% AMI, six units for tenants at or below 80% AMI, four units for tenants at or below 100% AMI and three units are market rate.
Citizens’ Community Development Group efforts resulted in more than 25,500 new or rehabilitated housing units and the development of more than 520,000sf of commercial space in low- and moderate-income communities served by Citizens.
