Project 1 is a rental project in the City of Springfield known as "Franconia Apartments". The Project involves new construction of a single 36 unit building. The sponsor is Springfield Housing Action Corporation, a non-profit community development corporation. The project will be funded through a construction mortgage from MHIC, LLC in the amount of $1,900,000 and a permanent first mortgage loan from the Massachusetts Housing Partnership in the amount of $1,000,000. The project involves a low-income housing tax credit syndication. The Project will receive loans from the following MassDocs programs:

1. $750,000 loan from Community Economic Development Assistance Corporation under
the Housing Innovations Fund (IV) program;

2. $750,000 loan from the Department of Housing and Community Development under the federal HOME program;

3. $690,000 loan from Community Economic Development Assistance Corporation under the Massachusetts Community Based Housing program;

4. $920,000 loan from the City of Springfield under the federal HOME program; and

5. $1,000,000 loan from the Massachusetts Affordable Housing Trust.

The sponsor will also make a $230,000 deferred development fee loan to the Project and will loan the proceeds of a $200,000 energy conservation grant to the Project.