Posted on June 8, 2009
PITTSFIELD, June 8, 2009 --- First, Pittsfield’s Beth Pearson bought the Grace Apartments. Then, she bought the properties on the corner and the Wood Brothers building a few blocks away. Her vision: Create a European-style neighborhood with new apartments at reasonable rents.
Pearson’s vision became reality recently as state and local leaders gathered in early June to celebrate the completion of New Amsterdam Apartments, the first phase of Pearson’s plan to create new affordable housing in the Berkshires.
New Amsterdam consists of 43 new units located on Bradford Street and Center Street. All are affordable for households earning less than 60 percent of median income, which in Pittsfield is no more than $44,400 for a family of four. Built with modular construction, the attractive units are the first multi-family rental complex to be built in the city in 30 years. These new units replaced older homes, which were razed to make way for the new apartments.
Phase II of the project will involve the rehabilitation of the Grace Apartments on Bradford Street and the Wood Building on nearby North Street. When completed, the city will have an additional 24 affordable rental apartments.
MHP is supporting Pearson’s vision with a $2.2 million long-term loan commitment from its bank-funded loan pool. The bulk of the project’s funding came through an award of federal low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD). The City of Pittsfield supported the project with grant funding and an OK for smart-growth zoning, which will allow for commercial development and artist live-work space in the neighborhood.
“This project is noteworthy in that it is one of the first smart growth projects in the state,” said Dick Mason, MHP’s Deputy Director of Lending. “This doesn't happen without great imagination. Both Beth Pearson and The City of Pittsfield should be commended for their vision and willingness to make this happen.”
A former public relations executive for General Electric in Pittsfield, Pearson understands the city’s evolution from a company town to a city more dependent on the region’s burgeoning theatre, music, arts and tourism industries. “There hasn’t been any multi-family housing built here in 30 years,” she said. “I thought this would be good for people looking to make the Berkshires their home.”
“(This project) is about making sure that everyone in Pittsfield has a decent place to live and can say they are proud to live in this community,” added Sen. Benjamin Browning (D-Pittsfield) at the June 5 grand opening.
For more information about this project, go to www.pearsonpropertiesllc.com or contact Loan Officer Josh Lappen at 617-330-9944 x338.
ABOUT MHP: MHP is a privately-funded, state non-profit housing organization that uses funds from the banking industry to provide long-term loans for affordable rental housing at highly competitive interest rates. Since 1990, MHP has made over $610 million in loans and commitments for the financing of over 15,000 units of rental housing, most of it affordable and on a smaller scale that’s in character with communities.