Senior-housing developer Pennrose has completed the Julia Bancroft Apartments, the rehabilitation of a 1920s-era school building located in Auburn, MA into a 60-unit mixed-income housing community for seniors 62 and older.

The rehabilitation included the renovation of the historic school, demolition of later built additions and the construction of a new, four-story building.

The project was designed to help address the widespread shortage of affordable housing in MA, where the National Low Income Housing Coalition estimates that 38% of extremely low-income renter households are senior citizens. Of the new community’s 60 units, 45 will be designated for residents at or below 60% of the AM and 15 will be leased at market rate rents. Four of the affordable apartments have been set aside for Community Based Housing and seven are designated as accessible units.

The community offers multiple elevators, inviting lounges, fitness center, outdoor patios, on-site laundry facilities, supportive services and on-site professional maintenance and management.

Financing for the project includes: Massachusetts Department of Housing and Community Development (DHCD) in the form of 9% Federal Low Income Housing Tax Credits (LIHTC), State Low Income Housing Tax Credits (SLIHTC), Housing Stabilization Funds, and HOME funds, as well as $1M in Affordable Housing Trust Funds administered by Massachusetts Housing Finance Agency and $750,000 in Community Based Housing funds administered by Community Economic Development Assistance Corporation. The LIHTCs and the SLIHTCs generated a total of over $17 million in equity from TD Bank through syndicator Redstone Equity Partners, LLC. Remaining sources included $3.4M in Permanent Financing from Freddie Mac via Lument, and $14.2M in Construction Financing from TD Bank. BlueHub Loan Fund Inc served as a state tax credit intermediary for the SLIHTCs.