Citizens Bank’s Community Development Lending Group yesterday announced a $10 million financing package for Soldier On Inc.
Soldier On, a nonprofit that provides social services and transitional and permanent housing for veterans, will use the construction financing to repurpose a former policy academy in Agawam as an affordable housing development for vets.
The former Western Massachusetts Regional Police Academy at 702 South Westfield St. will be turned into the new 51-unit Gordon H. Mansfield Veterans Village.
The design calls for dining facilities and offices in addition to 51 studio apartments. A 56-square-foot, single-story annex will be built and attached to the main building by a covered walkway. Thirteen of the units are reserved for veterans at or below 30 percent AMI, and 38 units for veterans at or below 60 percent AMI.
“We value our partnership with Citizens and appreciate the banking team’s great ideas and timely execution,” Soldier On CFO Bruce Buckley said in a statement. “Citizens’ commitment to affordable housing and military veterans is clear. Their experience with these types of transactions makes a big difference.”