MassHousing Provides $26M Refinancing for Affordable Real Estate Neighborhood in Westfield

Order Reprints … December 17, 2020 MassHousing has actually provided$ 26.4 million in budget friendly housing financing to the non-profit Affordable Housing and Solutions Collaborative to refinance and recovery of Powdermill Town, a 248-unit multifamily property in Westfield, MASS.

. Built in the 1970s, the neighborhood was last remodelled in 2000. AHSC has planned greater than $28 million in enhancements to significantly fix up the 12 two- and also three-story buildings at the residential or commercial property, consisting of one building that was partly destroyed by a fire in 2018.

MassHousing given a $14.5 million tax-exempt building and construction as well as permanent financing as well as an $11.9 million tax obligation credit rating equity swing loan to sustain the redevelopment of the area. The project is additionally receiving a total amount of $18.9 million in federal as well as state Low-Income Real estate Tax Credit Scores (LIHTC) equity funding. The LIHTC syndicator is Boston Financial Investment Management.

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