Latest news with #MassHousing
Yahoo
05-05-2025
- Business
- Yahoo
New condominiums to be built on Montague Road in Amherst
AMHERST, Mass. (WWLP) – MassHousing has announced $9.9 million in funds to create 30 new homeownership opportunities in Amherst. The money is coming from the CommonWealth Builder Program and will create 15 duplex buildings for moderate-income, first-time homebuyers. The homes on Montague Road will create 18 new two-bedroom units and 12 three-bedroom units. Student loan default collections resume: What you need to know Ten of the units will be restricted to homebuyers earning up to 80 percent of the area median income, and 20 of the units restricted to homebuyers earning up to 100 percent of the area median income. The homes are expected to sell at prices ranging from $162,900 to $267,000. 'This project will turn an underutilized area in the town into 30 brand new homes for first-time homebuyers,' said MassHousing CEO Chrystal Kornegay. 'The people who purchase these homes will be able to set down roots in Amherst and begin building wealth, along with all the other benefits of homeownership.' 'This development is over three years in the making, and we could not be more excited to add affordable homeownership opportunities to the Amherst community,' said Alexis Breiteneicher, Executive Director of Valley Community Development. 'Having affordable housing options from rental to homeownership is critical in addressing the housing crisis. Valley is deeply grateful to MassHousing and the CommonWealth Builder program for being committed to decreasing the homeownership wealth gap.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-04-2025
- Business
- Yahoo
NY developers to build affordable housing at former Facemate building in Chicopee
CHICOPEE — The former Facemate property is getting a facelift. On Monday, a handful of contractors were at work on the property at 75 West Main St., cutting down trees and eyeing blueprints. The property, which sits on 4 acres, will be redeveloped into 105 mixed-income affordable housing units, to be called the Singing Bridge Residences. 'This property is a part of our River Mills redevelopment project that we've been working on since 2010,' said Lee Pouliot, director of Chicopee's planning department. 'This is another milestone, and we're really excited it's moving forward.' The site was jointly purchased by Brisa Builders Developers LLC and Sydney Capital Group LLC. Both companies are based in Brooklyn, New York, and work on affordable housing projects. In a phone interview with The Republican on Monday, Hammad Graham, the manager of Sydney Capital Group LLC, said this is his first affordable housing project in Western Massachusetts. 'I knew the area better than other New York developers and have a vision for the site,' said Graham, who is originally from Springfield. Graham is also the manager of BD Singing Bridge LLC, the subsidiary he used to purchase the property for $438,890, according to the deeds. The developers are borrowing $37.3 million from MassHousing, which provides financing to affordable housing projects across the commonwealth, for the rehabilitation of the former industrial complex. The housing project will offer 16 studios, 21 one-bedroom apartments, 57 two-bedroom apartments and 11 three-bedroom apartments, according to a statement from MassHousing. The building, which is one of the 'largest ground-up mixed-income properties' in Western Massachusetts, Graham said, is being constructed to meet green standards, meaning it is environmentally friendly. 'We will approach net-zero annual energy use as a fully electric building,' said Graham. The building also will include a community kitchen and lounge, an outdoor patio space overlooking the river, laundry facilities and a small commercial space, the statement said. Housing construction is set to be completed by summer 2027. The property, which is next to the Chicopee River, is the third project that the city has undertaken to revitalize the Chicopee Falls area, said Pouliot. The first two were the River Mills Senior Center and an assisted living facility down the road. Access to public transportation is a key factor of the project, Pouliot explained. The Pioneer Valley Transit Authority has bus stops near the building, and it's also near Chicopee center, only 2 miles away. 'We're actively expanding the riverwalk,' he said. The apartment building also will have parking for vehicles and bicycles. The remaining parts of the property include separate proposals for an indoor sports facility, a brewery and an office space, the MassHousing statement said. The project is also a low-income housing tax credit development, having received $31.6 million in state and federal funding. It also received funding from the American Rescue Plan Act, the Affordable Housing Trust Fund, Citizens Bank and nearly $1 million in grant funding from the city. Prior to the sale, the city owned Facemate for 15 years. It was a part of a collection of parcels taken on by the city after there was no longer a need for factories and manufacturing sites. After Holyoke condemns office building, owner fights back in court Marking 48 Mass. workplace deaths in past year-plus, advocates fear the cost of deregulation WMass Governor's Councilor solicits public feedback on 2 judicial nominees Report: More affordable housing needed in Mass. Read the original article on MassLive. Read the original article on MassLive. Read the original article on MassLive. Read the original article on MassLive.
Boston Globe
11-04-2025
- Business
- Boston Globe
The state is buying equity in multifamily housing projects, starting in Milton
The administration (The city of Boston, meanwhile, is splitting $100 million to spark housing construction between the MassHousing program and Boston Housing Authority work.) Advertisement 'We have so many projects that are permitted, ... that are ready to go, but can't pencil out from a financing perspective,' Driscoll said. 'They're sitting on the bench. This tool, for us, is to get those projects off the bench.' Advertisement Driscoll said she's hopeful MassHousing can attract pension funds, universities, or philanthropies to invest alongside the state in these projects. 'We want this to be contagious,' Driscoll said. 'We want to grow the funding tool.' To Corcoran president Sean McReynolds, the roughly $50 million East Milton project probably wouldn't be starting next month without the state support. The project is going up via the state's Chapter 40B law, which allows denser development in return for a certain amount of affordable units (though this project did receive pushback from neighbors over its size). Twenty-three of the apartments will be income-restricted. The $30 million loan from MassHousing and Berkadia, with funds from mortgage buyer Freddie Mac, will be used to buy out an existing construction loan within three years, and the $5 million in equity will buy out Fidelity Investments for its stake on a similar timetable, he said. Eventually, the state would be paid back, likely in 13 years. 'It's a huge relief,' McReynolds said. 'It provides the project the needed long-term financing. ... Given the turmoil or turbulent times we have with tariffs and interest rates, ... we certainly needed this.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
