MassHousing has closed on $13.3 million in affordable housing financing for the acquisition, renovation, and extension of affordability at Van der Heyden Apartments in Springfield, Massachusetts.  

The property owner plans $9 million in property improvements, including executing a 20-year federal Section 8 Housing Assistance Payment contract to ensure affordability. The apartments will be restricted to households earning up to 30% and 50% of the Area Median Income.  

MassHousing is providing $9.9 million in construction financing and $3.4 million in construction and permanent financing. Other financing sources include state and federal Low-Income Housing Tax Credits, historic tax credit equity financing, direct support from the Executive Office of Housing and Livable Communities, funding from the Affordable Housing Trust Fund, and support from the City of Springfield. The renovation plans include various improvements and upgrades over a 12-month period.