MassHousing Closes on $9.5 Million in Financing for New Affordable Housing for Lower-Income Senior Citizens in Taunton
Two non-profit organizations will redevelop the former Walker School and adjacent property into 40 new one-bedroom apartments for seniors
BOSTON, MA – MassHousing has closed on $9.5 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative, Inc. and Taunton Revitalization, Inc., to support the construction of a new 40-unit housing community for lower-income senior citizens at the former Walker School in Taunton.
The Walker School will involve the redevelopment of the vacant, former school into 40 new one-bedroom apartments. The school building will contain 16 apartments and the development team will build an addition containing 24 apartments.
“This transaction is going to transform a vacant, former school, into new and vibrant housing for seniors that will serve lower-income residents of Taunton for many years to come,” said MassHousing Executive Director Chrystal Kornegay. “We were pleased to partner with the city and the development team in turning an empty school into 40 new rental homes that will each bring new life and purpose to a historic building.”
MassHousing is supporting the redevelopment of the Walker School with an $8.75 million construction loan and a $750,000 construction and permanent loan.
The project is also receiving $13.8 million in equity financing through allocations of federal Low-Income Housing Tax Credits (LIHTC) and federal Historic Tax Credits, and $3.69 million in equity financing from the allocations of state LIHTCs and state Historic Tax Credits syndicated by Boston Financial Investment Management.
The Massachusetts Department of Housing and Community Development (DHCD), which allocated the federal and state LIHTCs, is also contributing $2.6 million in direct affordable housing subsidy. The Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, contributed $1 million to the project, while the City of Taunton is providing $200,000 in financing.
“AHSC is extremely proud to be partners with Taunton Revitalization, Inc. on this meaningful project. Walker School has been a very important property in the lives of Taunton residents for over a century, and now it will continue to play a vital role as affordable housing with supportive services for elders, many of whom may have once attended the school as a student,” said AHSC Executive Director Michael J. Mattos.
“The Walker School project represented a tremendous opportunity to transform a historical building in the City of Taunton,” said Taunton Revitalization, Inc. President of the Board of Directors, Alan J. Pelletier. “It is taking a blighted property within our community and turning it into viable and sustainable housing with supportive services in place. Creating and preserving affordable housing is at the core of TRI’s mission. This is a shining example of what a private-public partnership should look like and I’m grateful to all involved.”
The City of Taunton, through a request for proposals, selected AHSC and TRI to redevelop the school property at 135 Berkley St. The development will also include indoor and outdoor recreational space, and office space for management, maintenance and resident service staff. The property is located near the Weir Village Riverfront Park and the Taunton River, and serviced by the Greater Taunton Regional Transit Authority bus line, which provides access to regional stores and amenities.
All 40 apartments will be supported by a federal Section 8 Housing Assistance Payment subsidy for very low-income households earning at or below 30 percent of the Area Median Income (AMI) (16 units) or 50 percent of AMI (24 units). The median income for a household of two in Taunton is $84,100.
MassHousing has financed four rental housing communities in Taunton involving 236 units of housing and $26.4 million in total financing. The Agency has additionally provided $181.4 million in financing to 1,380 Taunton homebuyers or homeowners who have refinanced their homes.
About Affordable Housing and Services Collaborative, Inc.
Affordable Housing and Services Collaborative, Inc. is a 501c3 non-profit organization founded in 2001. Its mission is to provide and preserve affordable housing for low-income families, youth, elders, persons with disabilities, as well as special populations. Fulfilling their mission is a collaborative effort and process that includes working with private and public partners to seek project financing, grant funding and other leveraged resources to acquire, develop, rehabilitate and create affordable housing opportunities, as well as to enhance and expand quality of life initiatives through funding wellness, educational, vocational, and social programming. AHSC has been involved in many complex affordable housing developments involving new construction, as well as historic and occupied rehabilitation. Through their involvement in more than 20 projects in various roles they have kept approximately 1,300 units affordable. For more information about AHSC please visit www.ahscinc.org.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $25 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.