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Photo courtesy of MassDevelopment
A 248-unit Westfield multifamily complex that was damaged in a 2018 fire will receive financing from MassHousing, enabling a nonprofit developer to begin a $28-million renovation project.
Braintree-based Affordable Housing and Services Collaborative Inc. will rehabilitate all 12 buildings at the Powdermill Village complex, including one building that was partially destroyed by the fire. The renovations, designed by The Architectural Team of Chelsea and performed by NEI General Contracting, include new roofing, siding, balconies, decks and accessibility upgrades.
MassHousing provided a $14.5 million tax-exempt construction and permanent loan and an $11.9 million tax credit equity bridge loan. The project is also receiving a total of $18.9 million in federal and state low-income housing tax credit equity financing. The LIHTC syndicator is Boston Financial Investment Management. The Massachusetts Department of Housing and Community Development, which allocated the federal and state LIHTCs, is also contributing $3.6 million in direct affordable housing subsidy.
The Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, contributed $1.3 million to the project, while the city of Westfield is providing $275,000 in Community Preservation Act and HOME financing.
The transaction also involved approximately $1.7 million in insurance proceeds related to the 2018 fire, a $3.4 million seller loan, and $67,281 in owner financing.
The complex includes 50 units supported by the Massachusetts Rental Voucher Program and reserved for households earning a maximum 50 percent of area median income. The remainder of the complex is restricted to households earning 60 to 80 percent of AMI, along with six market-rate units.
Editor’s note: This article has been updated to correct that MassHousing was a source of the project financing.
