Boston & New England + Massachusetts + Apartments | March 31, 2023

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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