Rehab of Holyoke Affordable Rentals Backed by $8.5M Bond
MassDevelopment has issued an $8,511,570 tax-exempt bond on behalf of Voces de Esperanza, LLC, an affiliate of Valley Opportunity Council, Inc., which will use proceeds to buy, renovate and preserve two occupied affordable rental housing buildings totaling 36 apartments in the Churchill neighborhood of Holyoke, MA.
The buildings, located at 348 Chestnut St. and 337-351 Chestnut St., were constructed in 1920 and 1999, respectively. bankESB purchased the bond, which allowed Voces to achieve a lower cost of capital.
“Massachusetts’ housing shortage makes it all the more necessary to ensure individuals and families can continue to access quality affordable housing and stay in their communities,” said MassDevelopment president and CEO Dan Rivera.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $5.7 million in equity for the project