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Image courtesy of the Massachusetts Housing Investment Corp.
The last piece of financing – $23 million provided by Massachusetts Housing Investment Corp. (MHIC) – has been put in place for a new 38-unit affordable, multifamily rental housing complex in Holyoke.
Library Commons is being developed by Way Finders, the largest nonprofit developer of affordable housing in Western Massachusetts. Way Finders has begun construction, which involves rehabilitation of two vacant historic buildings, demolition of a severely deteriorated building and construction of a new building. The development is located on Chestnut and Elm streets, adjacent to the Holyoke Public Library and downtown Holyoke.
MHIC put the final piece of financing in place with $10.4 million in low-income housing tax credit financing and a $12.6 million construction loan. The project has also received a $550,000 permanent loan from the Massachusetts Housing Partnership, $4.8 million from the state Department of Housing and Community Development, $400,000 from the city of Holyoke and $1 million in acquisition and predevelopment financing from CEDAC.
“After much planning and investment from our staff, partners, and the community, Way Finders is thrilled to be bringing these beautiful buildings back to life and to be contributing to the continued revitalization of downtown Holyoke,” Way Finders President and CEO Peter Gagliardi said in a statement.
Library Commons will include 940 square feet of retail space, a property management office, laundry facilities and outdoor play area, bike racks, community facilities and an art gallery. Way Finders intends to provide support services for residents and to rent up to 10 apartments to participants of The Care Center’s (TCC) Roque House supportive services program. TCC is an educational institution that prepares pregnant and parenting young women for college and careers. Roque House will also offer arts and educational programming to Library Commons residents.
“We are pleased to work with our long-time partner Way Finders to build on the progress made with revitalization the Holyoke Public Library. We are confident that new housing opportunities with access to jobs, education and entertainment, will further stabilize the neighborhood and improve the lives of its residents,” Joe Flatley, president of MHIC, said in a statement.
The architect for Library Commons is Springfield-based Dietz & Co. and the contractor is Ludlow-based N.L. Construction. The project is expected to finish in August 2020.
Editor’s Note: The headline of this article has been updated to remove an incorrect total development cost for the project.
