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.