LePage’s redevelopment to continue with 34 new units
Fri Apr 17, 2009, 12:01 PM EDT
Gloucester – The Caleb Foundation announced earlier this week it has received funding for the construction of 34 units of affordable housing in Gloucester.
The construction of the units, on the site of an abandoned warehouse, will complete the redevelopment of the former LePage Glue Factory into the Pond View Community.
The Caleb Foundation had previously purchased a vacant warehouse for $1.1 million, have now received funding for the construction and currently in the permitting process.
The Caleb Foundation has recently secured funding for the construction of this new property through the Federal Low Income Housing Tax Credit Program, state Low Income Housing Tax Credits, HOME funds and Affordable Housing Trust funds.
The foundation purchased the property in a workout between two state lenders: Massachusetts Housing Investment Corporation (MHIC) and Community Economic Development Assistance Corporation (CEDAC), with acquisition funding provided by CEDAC.
This facility will have pond and river views, green space and public transportation on-site, according to a prepared release from the Caleb Foundation. The units will be close to downtown, public beaches, parks and recreation areas, retail and entertainment venues. It is also close to the highway and a mile from the commuter train into Boston. All of the units will be affordable to families making 60 percent or less of the Area Median Income.
Under The Caleb Foundation’s plan, the existing vacant building will be demolished and replaced with a brand new apartment building. The units will be constructed in the footprint of the old, unused warehouse. The new building will be five stories tall with parking on the first level and four levels or apartments.
Like the foundation’s other sites, this housing will have a Resident Service Program on site, and residents will have access to community services through their Resident Service coordinator.
The redevelopment of this historic factory into a vibrant, affordable community has long been vision of Cape Ann Housing Opportunity and other groups in the Gloucester community.
The Caleb Foundation is a 15-year-old nonprofit affordable housing development organization that has been involved in the development, management and resident services in 22 communities across New England.
This information was provided by The Caleb Foundation.
Link to article: http://www.wickedlocal.com/manchester/news/business/x50620390/LePage-s-redevelopment-to-continue-with-34-new-units