Massachusetts Housing Finance Agency One Beacon Street, Boston MA 02108 Tel. 617.854.1000 | TDD 617.854.1025 | FAX 617.854.1029 www.masshousing.com Contact: Eric Gedstad: 617.854.1079 [email protected] Eric Berman: 617.854.1843 [email protected]

MassHousing Commits $4.5 Million for Affordable Home Ownership in Sterling BOSTON – January 11, 2005 – MassHousing's Board of Directors voted today to commit $4.5 million for the construction of Chocksett Crossing, a 45-unit mixed-income condominium development located in Sterling. Chocksett Crossing is being built as a result of Chapter 40B. "The Massachusetts real estate market continues to make it difficult for developers to build houses that low- and moderate-income home buyers can afford," said MassHousing Executive Director Thomas R. Gleason. "However, with tools such as Chapter 40B, developers and communities can work together to create mixed-income home ownership developments such as Chocksett Crossing." The development will consist of 45 two-bedroom townhouse condominiums in 10 buildings on 8.5 acres. Of the 45 units, 12 (25%) must be affordable to households earning at or below 80% of the area median income, which is $55,440 in Sterling. The affordable units will be sold for $138,000*[see note below] (and will carry a deed restriction to preserve affordability for a minimum of 30 years) and the 33 market rate units are projected to sell on average for $310,000. "It was a pleasure working with MassHousing to obtain the financing for the construction of Chocksett Crossing," said Gerard Welch, President, MHOC of Sterling, LLC. "Because of the strong support we received from local officials in Sterling, we are able to build the type of mixed-income condominium development that will not only be an important asset to its new residents, but to the town as well." In addition to providing construction financing, MassHousing mortgage loans may be used by income-eligible first-time homebuyers to purchase up to 25% of the units at Chocksett Crossing. The developer of Chocksett Crossing is MHOC of Sterling, LLC, whose principals are Gerard Welch, Michael Ivas, and Vincent Campobasso. The architect and general contractor for the project is Gerard E. Welch (GWI), Inc. The marketing agent is Coco & Early Real Estate. About MassHousing The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $8.7 billion in financing for more than 80,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing website at www.masshousing.com. ###

Massachusetts Housing Finance Agency TEL: 617.854.1000 FAX: 617.854.1029 One Beacon Street, Boston, MA 02108 TDD: 617.854.1025 www.masshousing.com