New Hadley LLC, an affiliate of National Preservation Housing Partners and SHP Development, is renovating a183-unit affordable apartment facility in Haverhill.
New Hadley received a $19.84 million tax-exempt bond from MassDevelopment to purchase and renovate the facility, known as Hadley West, which includes 12 residential buildings with 84 one-bedroom units, 54 two-bedroom units, 35 three-bedroom units and 10 four-bedroom units.
The planned renovations will include upgraded windows, bathrooms, kitchens, flooring, water heaters, boilers, HVAC and the common area. Upon completion, the developer will preserve all 183 renovated units for households earning no more than 60 percent of the area median income.
In addition to the bond financing, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low income housing tax credits, which will generate approximately $9 million in equity for the project. The developer expects that the project will create two jobs and support 35 construction jobs.
“The renovation of 183 affordable units will provide individuals and families in Haverhill with a variety of improved, modern housing opportunities,” MassDevelopment President and CEO Marty Jones said in a statement. “MassDevelopment is pleased to support National Preservation Housing Partners as the organization revitalizes the Hadley West apartments and helps to preserve Haverhill’s affordable housing supply.”