Posted on November 20, 2002
BOSTON --- Three recent affordable housing efforts in the Springfield area illustrate MHP’s ability to provide financing for mid-sized and smaller projects.
MHP is providing $5.4 million in financing for 80 new apartments in Hadley; $2.35 million for the renovation and creation of 84 permanent affordable rental housing units in Westfield; and $220,000 for the renovation of an old hotel in Chesterfield (pop. 1201) into seven apartments.
The Hadley effort, known as Windfield Family Apartments, was completed this fall. A Chapter 40B project, the new units have pushed the number of affordable units in the town up to 12 percent, meaning that developers can no longer request 40B permits, now that more than 10 percent of its units are affordable.
“Congratulations to the town of Hadley for using (Chapter 40B) to create affordable housing,” said Rita Farrell, MHP director of intensive community support, in opening ceremonies held in October. “Around the state, the name of 40B has been taken in vain but this is a perfect example of how it can be used in a positive way.”
It’s the second loan in three years that MHP has made to fund affordable housing in Hadley. In 1999, MHP provided permanent financing of nearly $1.7 million for the production of 80 units of senior housing. Known as Windfield Senior Apartments, the development is next to Windfield Family Apartments.
The bulk of the financing for Windfield Family came through tax credits from the state Department of Housing and Community Development (DHCD). The Massachusetts Housing Investment Corporation (MHIC) provided construction financing.
In Westfield, Winn Development purchased Edgewood Apartments. The Boston-based company plans to renovate the 84 two-bedroom townhouse units and make them permanently affordable. DHCD, MHIC and MHP are providing a combination of tax credit, construction and long-term financing.
In the small town of Chesterfield, which lies west of UMass, the Hilltown Community Development Corporation has redeveloped a rambling three-story home with a wraparound porch into what is the only multi-family building in town. Four of the seven units will be affordable, providing opportunities for people in the town’s vital services – volunteer fire department personnel for instance – to live in town.
“If you read the papers around Boston, you’d think the only way to get out of the housing crisis is to produce new housing,” said MHP Executive Director Clark Ziegler at opening ceremonies in Chesterfield last month. “But we also need to keep key buildings in smaller communities in decent shape. When you come out here, you can see that this is a building that’s a mainstay of the community and you realize there’s more than one way to create affordable housing.”
For more information about MHP’s efforts in western Massachusetts and its financing programs, call 1-877-MHP-FUND.
(Photo information: One of three buildings that comprise Windfield Family Apartments in Hadley).