NORTHAMPTON — HAPHousing has recently been awarded affordable housing resources by the Massachusetts Department of Housing and Community Development, to be used for HAP’s Live 155 development at the Northampton Lodging site downtown, according to a news release.
The awards were recently announced at an event at Tribune Apartments in Framingham, a historic 53-unit complex for the elderly that also received funds for building rehabilitation and is part of a $21 million grant statewide for affordable housing. Live 155 will consist of 70 studio and one-bedroom apartments and 2,800 square feet of retail space on Pleasant Street.
The cost for construction of the building is estimated at $14 million. The Community Economic Development Assistance Corporation provided HAPHousing a $1.6 million acquisition loan and an $800,000 pre-development loan.
The City of Northampton had awarded $300,000 in Community Preservation Act (CPA) funding and $150,000 in Community Development Block Grant (CDBG) funding to the project. Easthampton Savings Bank has been selected as the construction and permanent lender for the project. HAPHousing plans to commence building demolition and construction in September and complete the project in late 2017.