Posted on November 27, 2008
NORTHAMPTON --- The Valley Community Development Corporation (VCDC) recently celebrated the opening of two affordable housing efforts, an eight-unit apartment building in Northampton and an 11-unit effort in Amherst. Both efforts were made possible due in part to
early technical assistance and long-term financing from the Massachusetts Housing Partnership.
"These are two great examples of how affordable, multi-family housing can fit into existing neighborhoods," said Clark Ziegler, MHP's executive director.
Northampton: Old house now 8 new units
In Northampton, VCDC has renovated an existing four-unit home and added a two-story addition to create eight units of affordable housing. Known as the Valley School Street Apartments, the project consists of one three-bedroom unit, two two-bedroom units, two one-bedroom units and three studios. One of the two-bedroom units is handicapped accessible.
The project is next to a public park and within walking distance of downtown and Smith College. All units are affordable for households at or below 60 percent of area median income.
“It’s great that during these tough economic times that we can still create affordable housing for the workers of this area,” said Valley CDC Director Joanne Campbell during opening ceremonies on Friday morning, November 21.
MHP supported Northampton effort at beginning, end
MHP initially supported this effort with a production capacity grant in 2005 that helped VCDC hire consultants to explore School Street and other development opportunities. MHP also supported this effort with $100,000 in first-mortgage financing and a $600,000 deferred-payment second mortgage.
Additional funding was provided by the state Department of Housing and Community Development (DHCD), the City of Northampton (block grant funds), the Community Economic Development Assistance Corporation, Boston Community Capital, Smith College and the TD Bank North Charitable Foundation.
Amherst: 11 units built next to housing authority units
After the morning ceremony in Northampton, Valley CDC moved on to Amherst where it celebrated the opening of 11 units of affordable housing built on housing authority land and next to an existing housing authority development.
VCDC co-developed this property with the Amherst Affordable Housing Alliance. The property will be managed by the Amherst Housing Authority. Located on a 4.2 acre site on Main Street, the apartments will include four one-bedroom units, five two-bedroom units, and two three-bedroom units. All units are affordable to households at or below 60 percent of the area median income.
The Amherst effort is the latest example of MHP’s commitment to helping communities, housing authorities and community-based non-profits develop small-scale affordable housing projects. In the Main Street effort, MHP worked with the housing authority to identify the land for development. MHP also funded the housing authority’s initial site and financial feasibility analysis for the development.
As in Northampton, MHP also helped finance the Amherst project $268,000 in first-mortgage financing and a $750,000 deferred-payment second mortgage. The Town of Amherst was also a significant funder with block grant funding and $275,000 from the Community Preservation Act. Additional funding was provided by the DHCD, Boston Community Capital and TD Banknorth.
Ex-Marine says housing is like an early Christmas present
Speaking at the Amherst event was Victor Ortiz, a resident of the apartments. After high school, Ortiz spent six years in the Marines and did tours in both Afghanistan and Iraq. When he returned, he settled in Amherst with his wife and two small children, worked in the food service industry and struggled to find housing he could afford. For awhile, he lived with his wife’s parents.
In October, Ortiz moved his family into a new two-bedroom unit. During the opening ceremonies on November 21, he reflected on where he’s been the last few years, pointed to his new home and said, “This is like a Christmas present. They should wrap a big bow around it.”
For more information about these efforts, contact MHP Loan Officer Josh Lappen at jlappen@mhp.net or 617-330-9944 x338.