MassHousing Provides $2M for Development of Workforce Housing in Springfield
MassHousing has closed on $1.8 million in affordable and workforce housing financing to the non-profit Home City Development, Inc., to transform the former Elias Brookings School in Springfield into 42 new apartments for households with a range of incomes.
The three-story, masonry, concrete and steel building was used as a public school from 1926 until it was damaged by the 2011 tornado in Springfield. Located at 367 Hancock Street in Springfield, the project will create 12 new one-bedroom apartments, 25 two-bedroom apartments and five three-bedroom apartments.
MassHousing is providing Home City Development with a $1.1 million permanent loan and $700,000 in financing from the Agency’s Workforce Housing Initiative. Other financing sources include $9.3 million in equity financing from the allocation of federal Low-Income House Tax Credits by the Massachusetts Department of Housing and Community Development (DHCD), $4.4 million in historic tax credit equity financing, approximately $2.1 million in direct support from DHCD and $1 million in funding from the Affordable Housing Trust Fund.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.