MassHousing Makes Loan to Develop 38-Unit Complex

FALL RIVER, MA-MassHousing, the state’s affordable housing bank, approved a $2.5 million loan to build Gage Hill Condominiums, a mixed-income 38-unit complex on North Main Street. The development will be housed in 19 duplex buildings. Each 1,749-sf unit will have three bedrooms and two bathrooms and an average selling price of approximately $269,000. The project will take about 24 months to construct with initial occupancy taking about nine months.

MassHousing executive director Thomas R. Gleason emphasizes that the loan makes it possible for low- and moderate-income first-time home buyers in Fall River to achieve home ownership.

Gage Hill is being developed by Generation 2000 Development Corp. Neil T. Melker, president of the company credits MassHousing for its commitment to finance the construction of the project as well as “Mayor Lambert and the city departments we worked with for supporting and understanding the need to create housing that is upscale, built in a desirable location, and is affordable for people who live in Fall River.”