Housing project awarded $95K

Housing project awarded $95K
By Scott Merzbach
Staff Writer
A 42-unit affordable housing project planned on town land off East Pleasant Street is being provided $95,000 to cover some of the predevelopment costs.
The Community Economic Development Assistance Corp., a state community development finance institution, announced Tuesday that Olympia Oaks, a joint project of HAPHousing Inc. and Valley Community Development Corp., is one of two recipients of money. The other is Winter Gardens, a project in Quincy, which is getting $175,000 in loan funds.
“Projects such as Olympia Oaks and Winter Gardens are important because they ensure that residents in those communities have access to quality affordable housing,” said Roger Herzog, executive director of CEDAC, in a statement. “These funds allow each of them to take another step closer to construction.”
Construction costs are expected to be around $7 million, and when infrastructure is added in, the total project cost will be $10 million.
Together, the Olympia Oaks and Winter Gardens projects will provide an additional 66 units of affordable housing for residents in the state.
HAP is seeking a comprehensive permit from the Amherst Zoning Board of Appeals under the state’s Chapter 40B affordable housing law. The nonprofit agency has entered a 99-year ground lease with the town to use a portion of the 27-acre property for constructing the rental units, which will be for both families and individuals.

SourceAmherst Bulletin