Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>CHELSEA, Mass. – The Florence Chafetz Home for Specialized Care is expected to be completed sometime this summer, thanks to the help from Metropolitan Credit Union which is the first mortgagee on the assisted living facility. There will be 36 apartments, 27 of them for elderly residents with special needs such as dementia or increased frailty. It seemed natural for the credit union to play a role because the sponsor, the Chelsea Jewish Nursing Home Foundation, is one of the credit union’s SEGs. A number of governmental and private agencies and firms are also involved. The foundation, in turn, is working with a company called Affirmative Investments. James Baird, vice president of real estate lending at MCU said it was an opportunity for the credit union to “give something back to the community.” Baird said the project “has gone exceptionally smoothly.” Each year the Federal Home Loan Bank of Boston sets aside 10% of its net profits for affordable housing. In 1999 MCU, as a member of the FHLB, applied for and received a $250,000 grant and a $500,000 subsidized loan. The loan was provided interest-free. Then in 2000 an additional $150,000 grant was approved, bringing the grant total to $400,000. The grant money was used for architectural, legal and other expenses. The $500,000 loan is now being used to pay for actual construction. Total cost will be $6 million, with much of the money coming from state agencies and other sources.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.