Commonwealth Awards $75M in Housing Tax Credits, Subsidies

BOSTON—The Baker administration has awarded 23 affordable housing developments across the Commonwealth a total of $29,202,652 in federal and state tax credits and $45.8 million in subsidy funds to support these projects.

The awards will generate $182 million in equity for those affordable housing projects. Gov. Charlie Baker and Undersecretary of Housing and Community Development Chrystal Kornegay announced on Tuesday the awards for the 2015 competition to fund affordable rental housing development, renovation, and preservation at Lyman Terrace in Holyoke, a major preservation and neighborhood revitalization project that is the first phase of an extensive redevelopment of a troubled public housing project. The total funded projects represent 1,484 total housing units, including 1,119 affordable units.

“Affordable housing forms a foundation for economic growth, while strengthening our neighborhoods and communities across the Commonwealth,” says Gov. Baker. “Improving access to housing has a profound effect on childhood development, school performance, and health, creates local jobs and increases our ability to attract and retain workers—a vital part of Massachusetts' global competitiveness.”

“Helping cities and towns construct and rehabilitate affordable housing that works in their community while increasing access to safe, permanent homes is an important part of our support for municipalities and families,” said Lt. Gov. Karyn Polito. “The benefits that come from providing residents with stable homes cannot be overstated- for the families, neighborhoods, and for the Commonwealth.”

The Department of Housing and Community Development will fund the projects with a combination of Low Income Housing Tax Credits, federal HOME funds, and from six state bond accounts. The awarded projects serve individuals and families transitioning out of homelessness, persons with disabilities, the elderly, and veterans.

One of the funded projects is The Ludlow Mill development in Ludlow, MA that will create 75 one and two-bedroom apartments for seniors, including 66 affordable units. Of those, 15 units will be reserved for seniors earning less than 30% of median income. Financing for the project is expected to close in the first quarter of 2016. Construction will take approximately 14 months at an estimated cost of $19.3 million.

“This is an important step forward for a project we have championed since 2011,” says Lawrence H. Curtis, president and managing partner of WinnDevelopment. “The housing we will create in Ludlow will help meet a pressing need among seniors in the community and inject a vibrant, residential use into plans for the center of the town.”

The development will preserve and transform Mill Building 10, a four-story 99,440-square-foot brick building that was built in 1907 and is listed on the National Historic Register.

The WinnDevelopment effort is one component of the Ludlow Mills Preservation and Redevelopment Master Plan that details a comprehensive strategy to generate mixed-use activity at the 170-acre former mill complex along the Chicopee River. The former site of the Ludlow Manufacturing and Sales Company includes more than 60 buildings where thousands of workers once produced jute yarns, rope, twine and webbing.

Other projects that were the beneficiaries of affordable housing development awards were:

Village Green II, a new construction project located in Barnstable, MA. The project will be located adjacent to the newly-completed Village Green I and will offer affordable units for families.

Bartlett Place in Boston is the first phase of a new construction and neighborhood revitalization project near Dudley Square. When the project is completed, the project will offer 38 units of affordable family housing, with 12 units reserved for households earning less than 30% of the area median income.

Beverly Street is a major new construction project located near Boston's North End and the new Greenway linear park. Beverly Street is a mixed-income and mixed-use project that will include a new hotel and retail space, parking, and rental housing, including housing intended to serve working families.

Coppersmith Village is a new construction, mixed-income, transit-oriented rental project located on the waterfront in East Boston, MA. When completed, Coppersmith Village will include 56 units for families—41 units will be affordable, with eight units reserved for households, including homeless families, earning less than 30% of the area median income.

Greater Four Corners is a preservation project in Boston. The sponsor has assembled several foreclosed properties and will use funds to rehabilitate the properties and assist former homeowners who now are tenants.

Waverly Abby is a preservation and new construction project located in the Brighton neighborhood of Boston. When completed, Waverly Abby will offer 28 units of affordable housing for formerly homeless young adults, including formerly homeless young mothers with children.

Wayne at Bicknell in Boston is a preservation project with multiple buildings and 72 units of affordable family housing.

Coady School in Bourne. MA includes both new construction and the adaptive re-use of a former school. The completed project will offer 58 units of rental housing for persons age 55 and older. Twelve units will be set aside for households earning less than 30% of the area median income.

455-463 Cambridge St. is a preservation project located in Cambridge, MA. The project includes 10 total units for families. Five of the units will be reserved for households earning less than 50% of the area median income, with two of the five units reserved for households earning less than 30% of the area median income.

Briston Arms Apartments in Cambridge, MA is a preservation project located near the Fresh Pond neighborhood. When rehabilitation is completed, the project will offer 154 units of affordable family housing, with 16 units reserved for households earning less than 30% of the area median income.

The Kendall in Chicopee, MA is a single-room occupancy property. The building has been deteriorating for some time; the sponsor will use state and city funds to undertake a full rehabilitation. The completed project will offer 38 enhanced SRO units in a downtown location near services and transit with eight units reserved for households earning less than 30% of the area median income. DHCD is supporting the project with federal and state Low Income Housing Tax credits and Housing Innovation funds.

Island Creek Village North is a new construction project located in Duxbury, MA and is sponsored by Beacon Communities Development. This project is part of the extensive and ongoing redevelopment of the site. When completed, Island Creek Village North will include 120 units of “family housing,” with 49 affordable units, including 12 units reserved for households earning less than 30% of the area median income.

First Step Inn Initiative is an adaptive re-use project located in downtown Fall River, MA, and is intended to serve homeless individuals. When construction is completed, the project will provide supportive housing for 50 homeless individuals.

Knitting Mill in Fall River, MA is the historic rehabilitation of a more than 149,000-square-foot mill complex built in 1879 and located in the Wampanoag Mills historic district. The 99 units will be affordable, with 25 of the 99 units reserved for seniors earning less than 30% of the area median income.

Gateway Residences on Washington is a new construction transit-oriented project located in Lynn, MA. When completed, Gateway Residences will offer 70 units for families, with 53 affordable units. Seven of the affordable units will be reserved for households earning less than 30% of the area median income, including households making the transition from homelessness.

115 Washington St. in Malden, MA is a single-room occupancy project serving formerly homeless and chronically homeless individuals. When rehabilitation is completed, 10 units will serve homeless individuals earning less than 30% of the area median income, and four units will serve homeless individuals with incomes of up to 50% of the area median income.

Kaszenek House in Malden, MA is a single-room occupancy project intended to serve as transitional housing for formerly homeless individuals with disabilities. The rehabilitated project will offer 11 units for individuals or households earning less than 30% of the area median income.

Congress Street is a significant neighborhood revitalization initiative in the Point neighborhood of the City of Salem, MA. The project consists of eight buildings and 64 units scattered throughout the neighborhood. Sixteen units will serve households earning less than 30% of the area median income. Seven units will be reserved for formerly homeless households.

Mystic Waterworks in Somerville, MA is the redevelopment of the Metropolitan Water Resources Authority's Mystic Water Works site. The completed project will result in 25 one-bedroom units for seniors and persons with disabilities, including five units reserved for persons earning less than 30% of the area median income.

E. Henry Twiggs Phase I is a preservation project located in Springfield, MA. The project when finished will include 75 improved units for families, all of which will be affordable. Eight units will be reserved for households earning less than 30% of the area median income, including households making the transition from homelessness.

250 Gull Pond Road is a new construction project in Wellfleet, MA. When completed, Gull Pond Road will include six affordable units for families, with two units reserved for households earning less than 30% of the area median income, including those making the transition from homelessness.