Category: Housing

South Shore Homeless Service Organization Plans To Convert Hotel Shelter To Permanent Housing

A South Shore homeless service organization is taking a step some hope will start a trend in efforts to end chronic homelessness.

Father Bill’s & Mainspring is purchasing a Brockton hotel it’s currently renting as extra shelter space to keep its guests as spread out as possible during the pandemic. It’s going to convert the former Rodeway Inn into permanent supportive housing for people who’ve been homeless.

About 70 adults experiencing homelessness are currently staying at the hotel. But they could soon call it their permanent home — with units to rent as their own and support services to help them address their medical, mental health, financial and employment needs.

John Yazwinski, president and CEO of Father Bill’s & Mainspring, said the organization signed a purchase and sale agreement on the property and is applying to the state for funding to turn the building’s rooms into 69 studio apartments.

“Projects like this, when you do it with the state in a normal year, could take two to three years,” Yazwinski said. “We’re going to try to do this in less than a year. So our game plan right now is … we hope to acquire the property by late winter, start renovations and convert it to permanent housing hopefully by late spring.”

The project is expected to cost about $9 million — in the ballpark of $140,000 per apartment, according to Yazwinski. That’s about half of what it costs to develop typical affordable housing units in the Boston area.

The state dollars would come through a special round of housing funding announced in response to the pandemic. Loans and private fundraising would cover most of the rest of the project’s costs.

Lyndia Downie, president and executive director of the Boston shelter and housing organization Pine Street Inn, applauds the move.

“It is a faster, cheaper way to find housing for single people who really have almost no options in what is still a pretty expensive market,” Downie said.

Pine Street has some housing development projects underway. It isn’t currently looking to purchase any hotels or motels, though it is renting a hotel as extra shelter space because of distancing restrictions. But Downie said it’s a potential model for the future.

Hotel conversion could be an upside of the economic downturn, according to Joyce Tavon, senior director of policy and programs for the advocacy organization Massachusetts Housing and Shelter Alliance. Tavon said she’d like to see other providers pursue it.

“We had hoped that all of us, collectively as a state, were going to take advantage of this opportunity, where there are kind of vacant hotels that may be put on the market — to be able to use them as shelter and then convert them into permanent supportive housing,” Tavon said. “There’s not as much of that happening as we would have liked to see … But we’re also aware that at this moment we’ve got to deal with the emergency that’s in front of us.”

The emergency of a vulnerable population living in busy shelters, at heightened risk from COVID-19.

SourceWBUR

Fire-Damaged Westfield Property to Receive $28M Renovation

A 248-unit Westfield multifamily complex that was damaged in a 2018 fire will receive financing from MassHousing, enabling a nonprofit developer to begin a $28-million renovation project.

Braintree-based Affordable Housing and Services Collaborative Inc. will rehabilitate all 12 buildings at the Powdermill Village complex, including one building that was partially destroyed by the fire. The renovations, designed by The Architectural Team of Chelsea and performed by NEI General Contracting, include new roofing, siding, balconies, decks and accessibility upgrades.

MassHousing provided a $14.5 million tax-exempt construction and permanent loan and an $11.9 million tax credit equity bridge loan. The project is also receiving a total of $18.9 million in federal and state low-income housing tax credit equity financing. The LIHTC syndicator is Boston Financial Investment Management. The Massachusetts Department of Housing and Community Development, which allocated the federal and state LIHTCs, is also contributing $3.6 million in direct affordable housing subsidy.

The Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, contributed $1.3 million to the project, while the city of Westfield is providing $275,000 in Community Preservation Act and HOME financing.

The transaction also involved approximately $1.7 million in insurance proceeds related to the 2018 fire, a $3.4 million seller loan, and $67,281 in owner financing.

The complex includes 50 units supported by the Massachusetts Rental Voucher Program and reserved for households earning a maximum 50 percent of area median income. The remainder of the complex is restricted to households earning 60 to 80 percent of AMI, along with six market-rate units.

Editor’s note: This article has been updated to correct that MassHousing was a source of the project financing.

SourceBanker & Tradesman

BPDA votes to acquire 104-108 Walter St. in Roslindale, advancing community conservation priority

At its December 17 meeting, the Boston Planning and Development Agency voted to acquire 104-108 Walter St. in Roslindale, a property that has been a conservation priority for neighbors for decades because it abuts the Roslindale Wetlands Urban Wild and absorbs stormwater runoff from throughout the area. The BPDA action paves the way to take this property off the market for private development and represents a step toward conserving 108 Walter St. as open space – one of Boston’s top five priority land acquisition sites – as well as creating four units of affordable ownership housing at 104 Walter.

Stormwater runoff management has become increasingly important as climate change brings more heavy and intense storms. Climate concerns and development pressures galvanized a group of neighbors and abutters who have worked with city and state officials to advocate for the acquisition of 108 Walter Street, a 37,000 square foot parcel that would be appended to the 9.5-acre Roslindale Wetlands Urban Wild. As part of their efforts, Roslindale Wetlands advocates joined with neighborhood groups from around the city to support the passage of Boston’s local wetlands ordinance in December 2019.

The second part of the community’s vision for the future of these parcels is to create four units of affordable ownership housing at 104 Walter Street. The housing component will advance equity and inclusion in an increasingly expensive neighborhood.

In a parallel project, the city is investing $500,000 in capital improvements elsewhere in the Roslindale Wetlands Urban Wild, such as wetlands crossings, trail upgrades, removing piles of dumped construction debris, and other ecological restoration work. These planned improvements increased the imperative of adding 108 Walter to the conservation area.

In November, the city received a $387,000 grant from the Commonwealth to help pay for the purchase of 104 and 108 Walter, which were offered for sale jointly. The Longfellow Area Neighborhood Association (LANA) received a planning grant and hired architectural firm PlaceTailor Design to work with neighbors during two October workshops. A preferred site plan was developed for affordable home ownership opportunities and open space conservation for climate resiliency. The resulting consensus proposal makes possible the preservation of 108 Walter Street, which is closest to the wetlands boundary and the most ecologically sensitive, and proposes four units of affordable ownership housing at 104 Walter, which has already been developed and now includes a single-family house and a dilapidated barn.

Following the BPDA vote, a closing to effect the purchase is expected before the end of the year, after which the agency will transfer most of the 108 Walter Street parcel to the Boston Conservation Commission for permanent protection and stewardship.

The Roslindale Wetlands Task Force and Longfellow Area Neighborhood Association expressed thanks to the elected officials who supported the project, especially Mayor Marty Walsh, City Councilors Ricardo Arroyo, Andrea Campbell, Annissa Essaibi-George, Matt O’Malley, and Michelle Wu; State Representatives Nika Elugardo and Ed Coppinger; and State Senator Mike Rush. CEDAC (Community Economic Development Assistance Corporation) and the Kuehn Charitable Foundation provided assistance with a planning grant to LANA.

More information about the consensus vision for the property, developed during the two October workshops, is available at www.LongfellowArea.org and www.RoslindaleWetlands.org.

SourceUniversal Hub

YW building in Back Bay to become affordable housing complex

The longtime home of Boston’s YWCA will soon get a new life as affordable housing in one of the city’s swankiest neighborhoods.

Developers Beacon Communities and Mount Vernon Co. are set to file plans with the city Friday to convert the 13-story building at the corner of Clarendon and Stuart streets in the Back Bay into a 210-unit affordable housing development, with nearly half set aside as permanent supportive housing for formerly homeless people. They’ll keep current tenants — including the Snowden International School and the Lyric Stage theater — and will partner with the Pine Street Inn to provide counseling and other services for residents.

And perhaps most crucially, said Beacon CEO Dara Kovel, they’ll maintain the building’s historical use as a community hub while providing affordable housing in a part of the city where it’s in short supply.

“That’s important,” she said. “This will ensure for a long time that there will be diversity in this neighborhood.”

It’s a project that likely wouldn’t have happened if not for the COVID-19 pandemic.

YW Boston, as the YWCA is now known, put the building on the market in the summer of 2019, hoping to capitalize on the hot real estate market to secure its financial future. By early this year, the nonprofit had a deal in place with a different developer, who had hoped to upgrade its 66-room hotel and convert some of its apartments into higher-end units. Then the pandemic hit, and financing dried up for hotel and luxury housing developments. The deal fell apart.

Enter Beacon, a veteran Boston affordable housing developer, and Mount Vernon, a large market-rate landlord that recently converted another YWCA in the South End into the Revolution hotel. They’d partnered on an offer on the project originally, but were outbid. So they came back with a new plan: Make the building entirely affordable, financed with an array of federal and state loans, along with tax credits and city-allocated vouchers.

The new offer was “substantially discounted” from YW’s original price, Kovel said, but — with the support of Mayor Martin J. Walsh — the financing was solid. Last month, YW’s board approved a purchase and sale agreement, with the deal to close next year.

“Covid has created a window for opportunities like this for affordable housing,” said Mount Vernon chairman Bruce Percelay. “It’s a unique situation.”

Neither party would disclose a sale price — though Kovel said she expects the purchase and renovation combined will cost $108 million — but YW CEO Beth Chandler said the proceeds would allow her organization to focus on its mission, which has evolved over the years from providing housing and classes for young women arriving in Boston to leading racial and social justice training that largely happens offsite.

“We’re thrilled. We think this is a great partnership,” Chandler said. “We don’t have to think anymore about managing a building and, given all that’s going on in the world, we can focus on the work we need to do.”

Like the building’s commercial tenants, YW Boston will keep its office space in the building; Kovel said she expected those spaces will be able to stay open while residential units upstairs are renovated. Hotel 140, as the 66-unit hotel is known, will close and be converted to apartments. About 100 units will be set aside as supportive housing for formerly homeless people, with services run by the Pine Street Inn, similar to a project that the nonprofit is codeveloping in Jamaica Plain.

The renovation won’t change the historic exterior of the 13-story brick building across Stuart Street from Boston’s tallest skyscraper — 200 Clarendon — and down the block from a glassy 33-story condo tower now under construction. But Beacon plans to upgrade the roof, elevators and other systems, and will add bathrooms to the many single-room-occupancy units that don’t currently have them. Friday’s filing with the Boston Planning & Development Agency was an initial letter of intent. More detailed plans, likely to come in several weeks, will then kick off community review. Kovel said she hopes work can start in the fall and finish in mid-2023.

She said the project is a rare chance to add high-quality housing for low-income people in the increasingly expensive core of the city. Many other buildings like this one have sold at huge prices in recent years. But the pandemic provided a chance to do something that otherwise might not have been financially feasible.

“The world fell apart, and we took that opportunity,” Kovel said. “If luxury hotels and apartments aren’t working right now, maybe affordable housing will.”

SourceThe Boston Globe

Construction Begins on Holtzer Park Project

Construction has begun on an unutilized Boston Housing Authority (BHA) parcel that will result in 62 new units of affordable housing.

Mayor Martin Walsh made the announcement earlier this week that the Urban Edge Housing Corporation has broken ground at the new Holtzer Park housing development in Jackson Square.

Mayor Walsh said the new project is part of the BHA’s 125 Amory Street phased redevelopment project in Jackson Square. The development is a joint venture between The Community Builders (TCB), Jamaica Plain Neighborhood Development Corporation (JPNDC), and Urban Edge to renovate and preserve 199 public housing units as affordable housing. The project will also repurpose BHA administrative offices into 12 new affordable units, and build approximately 133 units of affordable housing and 214 market-rate apartments in three new buildings on adjacent BHA-owned property.

“It’s great to see the start of construction at the Holtzer Park housing development, which will create many new and affordable homes here in Jackson Square,” said Walsh. “Projects like these are part of our overall strategy to increase the availability of affordable housing in the city, and I want to thank Urban Edge and our partners for their work to make these new homes possible.”

According to BHA Administrator Kate Bennett, Holtzer Park will create 41 affordable units for households whose income is less than $76,740 for a family of 4 and are supported with Low Income Housing Tax Credits. An additional 21 of these units will have project-based vouchers to provide even deeper affordability for households whose income is less than $38,350 for a family of 4.

“It’s exciting to see underutilized BHA land transformed into such an important use for dozens of low-income families,” said BHA Administrator t. “We are forging exciting opportunities in Jackson Square and I am grateful to all of our partners and staff that have made this happen.”

Holtzer Park is named for the Holtzer-Cabot Electric Company, where a variety of electrical devices were manufactured. In 1970, BHA converted the building into senior housing.

“It is exciting to begin construction at Holtzer Park, which will bring much-needed, high-quality affordable housing to Jackson Square,” said Emilio Dorcely, CEO of Urban Edge. “Jackson Square has undergone a transformation over the last several years, but because of the hard work of our partners at the City of Boston,  Boston Housing Authority, Jamaica Plain Neighborhood Development Corporation, and The Community Builders, current residents are benefitting from those changes. We look forward to being able to celebrate the opening of Holtzer Park – and 62 new affordable homes – in person, when it is safe to do so.”

Last year, the Boston Planning and Development Agency voted to extend Jackson Square Partners, LLC status as tentative designated developer for the Jackson Square Master Plan project–a mixed use development in Jackson Square of largely vacant public and privately owned land where the Jamaica Plain and Roxbury communities meet.

Since the BPDA’s plan to revitalize this area of Jackson Square began over a decade ago several milestones have been completed by Jackson Square Partners, LLC.

Already the development team has completed Jackson Commons. This project cost more than $21 million and consists of a 37 unit, mixed-use and mixed income housing development near the Jackson Square MBTA stop. The development is more than 10,000 square feet of ground floor retail, as well as 2,000 square feet of retail and commercial space. The redevelopment consisted of the adaptive re-use and renovation of the 100 year old, three story, 23,600 square foot Webb Building. The residential unit mix includes 25 two-bedrooms, 7 one bedrooms and 5 three-bedrooms.  Eight units are reserved for homeless/formerly homeless residents while the remaining 29 units are affordable units.

The city and developer recently celebrated the groundbreaking of 75 Amory Ave. This development kicked off the third phase of a $16 million development that will create 39 units of affordable housing for families. The project also secured $200,000 from the EPA in the form of brownfields grant for the remediation of the former industrial sites next to Jackson Commons at 1542 Columbus Avenue in Roxbury. This land will be transformed into a recreation center for the neighborhood.

Walsh and the BHA said in accordance with the City of Boston’s Green Affordable Housing Program, Holtzer Park will utilize a high-efficiency heating system and building envelope, as well as Energy Star-rated appliances. The development will employ environmentally friendly design features throughout and will meet the U.S. Green Building Council LEED Homes Gold certifiable standard. The housing development will also meet the U.S. Environmental Protection Agency’s Energy Star standards. The development team is made up of Urban Edge, ICON Architecture, and NEI General Contracting.

Walsh said Holtzer Park has been made possible in part by more than $2.71 million in funding from the City of Boston, $750,000 in Neighborhood Housing Trust, as well as more than $15.8 million in State and Federal Low Income Housing Tax Credits from the Commonwealth’s Department of Housing and Community Development (DHCD). Financing team members also include the Community Economic Development Assistance Corporation, MassDevelopment, MassHousing, Massachusetts Housing Investment Corporation, Citizens Bank, Massachusetts Housing Partnership,  the Federal Home Loan Bank of Boston, Boston Private, The Life Initiative, and the US Department of Housing and Urban Development.

“This project is a fantastic example of how our strong non-profit partners like Urban Edge are able to layer multiple state, federal, and local funding sources to create opportunities for our families,” said Housing and Community Development Undersecretary Jennifer Maddox. “We are excited to see the Baker-Polito Administration’s investments in the neighborhood, through MassWorks Infrastructure funding, MassDevelopment’s Brownfields program and our own affordable housing awards help advance this great work.”

SourceJamaica Plains Gazette

Urban Edge Begins Construction on 62-Unit Holtzer Park

Urban Edge is announcing that construction has begun on Holtzer Park, a 62-unit affordable housing development near Jackson Square in Jamaica Plain, MA.

Holtzer Park is part of the Boston Housing Authority’s (BHA) 125 Amory Street redevelopment, a joint venture between The Community Builders (TCB), Jamaica Plain Neighborhood Development Corporation (JPNDC), and Urban Edge.

The project has been made possible with the generous support from a number of public and private financing organizations, including the City of Boston, Massachusetts Department of Housing and Community Development (DHCD), Community Economic Development Assistance Corporation (CEDAC), MassDevelopment, MassHousing, Massachusetts Housing Investment Corporation, Citizens Bank, Massachusetts Housing Partnership, the Federal Home Loan Bank of Boston (FHLBank Boston), Boston Private, The Life Initiative, and the U.S. Department of Housing and Urban Development (HUD).

“We are so grateful to the funders for Holtzer Park,” said Emilio Dorcely, Urban Edge’s Chief Executive Officer. “Through their assistance, we will bring new units of much-needed affordable housing to the Jackson Square neighborhood. Now more than ever, it is clear that quality affordable housing is a necessity in Boston’s Black and Brown communities, and we appreciate the support from both public and private institutions to make this project a reality.”

Named for the Holtzer-Cabot Electric Company, where on the site, electrical devices were manufactured in the 20th century, Holtzer Park will meet the U.S. Green Building Council LEED Homes Gold certifiable standard and utilize a high-efficiency heating system and building envelope. The development team for the project includes Urban Edge, ICON Architecture, and NEI General Contracting.

The project will cost an estimated $32 million in total, and has received more than $2.7 million in funding from the City of Boston Department of Neighborhood Development, $750,000 from the Neighborhood Housing Trust, and more than $15.8 million in State and Federal Low Income Housing Tax Credits and more than $5 million in subsidies from DHCD.

“This project is a fantastic example of how our strong non-profit partners like Urban Edge are able to layer multiple state, federal, and local funding sources to create opportunities for our families,” said Housing and Community Development Undersecretary Jennifer Maddox. “We are excited to see the Baker-Polito Administration’s investments in the neighborhood, through MassWorks Infrastructure funding, MassDevelopment’s Brownfields program, and our own affordable housing awards help advance this great work.”

“The Life Initiative is proud to have supported Urban Edge’s efforts in the development of Holtzer Park,” said Mollye Lockwood, Vice President at The Life Initiative. “The Holtzer Park project represents a wonderful example of Urban Edge’s ability to forge partnerships to make transformative development happen. After over four years of working with community and its development partners of TCB and JPNDC, Urban Edge has made its project in the 125 Amory master plan a reality and will be providing 62 affordable homes to the Jamaica Plain community.”

“Holtzer Park is a transformative initiative that will introduce much-needed affordable rental housing in a rapidly evolving part of Boston,” said Kenneth Willis, Senior Vice President and Director of Housing and Community Investment at FHLBank Boston. “FHLBank Boston is proud to provide financial support for this transit-oriented project through our Affordable Housing Program, and we’re pleased that it is under development.”

“We are grateful to be involved in the creation of new affordable rental housing at Holtzer Park. We want to thank and congratulate our long-time partner, Urban Edge; the Federal Home Loan Bank of Boston; and our other key partners, especially Boston’s Department of Neighborhood Development and the State, in planning and financing this important development,” said Boston Private CEO Anthony DeChellis. “Boston Private was the lead lender for the construction and permanent financing. We are grateful for Urban Edge’s leadership in bringing together a complex initiative during these extraordinary times with the COVID-19 pandemic.”

“It’s exciting to see underutilized BHA land transformed into such an important use for dozens of low-income families,” said BHA Administrator Kate Bennett. “We are forging exciting opportunities in Jackson Square and I am grateful to all of our partners and staff that have made this happen.”

“Holtzer Park is yet more evidence of the innovative and successful effort to redevelop the Jackson Square neighborhood through the work of community-based non-profit developers,” said Roger Herzog, CEDAC’s executive director. “The project will result in 62 new transit-oriented affordable apartments, and will include supportive housing units. This project will set aside units for people who live with disabilities, as well as families who have experienced homelessness, providing stable, affordable homes to some of Boston’s most vulnerable residents. CEDAC could not be more pleased to support Urban Edge and to help them turn the vision of Holtzer Park into a reality.”

“We are pleased to work with our longtime partner Urban Edge to bring 62 much needed affordable housing units to Boston. We are proud to support such an important project and continue to advance the creation of healthy communities,” said Joseph Flatley, President and CEO of the Massachusetts Housing Investment Corporation.

“The Holtzer Park project in Jamaica Plain meets an important need in our community and demonstrates Citizens’ strong commitment to support more affordable housing options for Boston residents,” said Jerry Sargent, President of Citizens Bank, Massachusetts and Head of the Northeast.

“ICON Architecture is thrilled to be part of the Holtzer Park team. Creating equitable and healthy new homes for families is part of ICON’s mission,” Kendra Halliwell, Associate Principal and Practice + Design Team Leader at ICON Architecture.

“With our dedication to building affordable housing, NEI shares Urban Edge’s mission of strengthening communities and families by building affordable housing and vibrant, prosperous neighborhoods,” said Josef Rettman, president of NEI General Contracting.

“MassDevelopment is proud to support the development of Holtzer Park, with both a $27,000 award from the Brownfields Redevelopment Fund last year to assess the site and a $17.2 million tax-exempt bond more recently to aid construction,” said MassDevelopment President and CEO Lauren Liss. “Holtzer Park will add critical affordable housing units for residents of Boston’s Jamaica Plain neighborhood, and we’re pleased to be part of a tremendous team of financing partners helping to make this project a reality.”

SourceBoston Real Estate Times

Deaf-friendly home for the disabled opens in Quincy’s Germantown

The group home currently houses five adults with intellectual and developmental disabilities, has staff available 24 hours a day, and includes smart technology for the deaf staff and residents.

QUINCY — The first completely deaf-friendly group home for adults with disabilities in eastern Massachusetts has opened in Quincy’s Germantown neighborhood.

NeighborWorks Housing Solutions, a Quincy-based nonprofit that builds homes for veterans, homeless families, and people with disabilities, collaborated on the Bicknell Road project with WORK Inc., a nonprofit based that operates residential group homes for people with disabilities. The home currently houses five adults with intellectual and developmental disabilities, has staff available 24 hours a day, and includes smart technology for the deaf staff and residents.

“This has been an honor to collaborate with WORK Inc. on this project, which will truly be a home to five individuals who have a unique set of needs,” Robert Corley, chief executive officer of NeighborWorks, said in a statement. “We’re excited to show the community how important this type of housing is for the community. We look forward to partnering with WORK Inc. and other similar agencies to help create more housing like the home in Germantown.”

The group home was designed by Elton Hampton Architects and was funded by the Massachusetts Department of Housing and Community Development, the Massachusetts Department of Developmental Services and the City of Quincy.

NeighborWorks Housing Solutions is responsible for various Quincy developments, including 140 units at The Watson on East Howard Street, 24 units at Winter Gardens on Winter Street, and 1116 Sea St. — a two-family home at the former Houghs Neck American Legion Post that houses two veterans and their families.

The nonprofit also received a $500,000 federal grant in February and was approved by the Quincy Planning Board in January for a project that will demolish four Quincy Point homes to build 18 low-income apartments in their place.

SourceThe Patriot Ledger

CEDAC Approves $8.4 Million in Acquisition Financing to Preserve Long-Term Affordability of 100 Housing Units in Attleboro

The Community Economic Development Assistance Corporation (CEDAC) recently committed more than $8.4 million in acquisition financing for the preservation of affordable housing in Attleboro, MA.

The financing commitment was made to Retirement Housing Foundation (RHF), working in partnership with The Schochet Companies, to acquire Hillcrest Acres in Attleboro. The partners recently finalized the transaction, ensuring that this property will remain affordable going forward.

“Preserving affordable housing is an important part of CEDAC’s mission. Hillcrest Acres was far along the path of conversion from affordable housing to market rate, but thanks to this acquisition, all 100 apartments will have long-term affordability restrictions,” said Roger Herzog, CEDAC’s executive director. “Congratulations to our partners, Retirement Housing Foundation and The Schochet Companies, on this important milestone that will preserve a total of 100 units of affordable housing while preventing existing tenants from displacement.”

The 100-unit property was constructed in 1974 and faced expiring affordability restrictions in 2019. CEDAC participated with Eastern Bank to provide the acquisition financing. Funding sources included program-related investments (PRIs) from both Bank of America and the John D. and Catherine T. MacArthur Foundation.

“I am pleased to welcome Hillcrest Acres to the RHF family of 198 communities,” said Dr. Laverne Joseph, President and CEO of RHF. “There is a large and growing need for affordable housing and we are doing our best to address that need.”

Hillcrest Acres is a garden style multifamily community located on just over nine wooded acres in Attleboro, with a mix of 1-, 2-, and 3-bedroom units. Consisting of 10 residential buildings spread throughout the property, the development offers picnic and barbecue areas, play areas, and a 3,000 square foot community/office building. The property is close to public transportation, including the MBTA commuter rail station with trains to both Providence and Boston.

“We are so appreciative of the efforts of CEDAC and the Massachusetts Department of Housing and Community Development (DHCD) in helping us to acquire and preserve this key asset as affordable for the folks who currently reside there as well as those who will come after them,” said Richard Henken, president of The Schochet Companies. “With their help we were able to get the seller an acceptable price so as to not lose these apartments to the market. We look forward to completing the second leg of this transaction, which will refresh and reinvigorate the property providing significant quality of life benefits for our residents.”

“This closing was made possible by the efficient and collaborative work with our partners,” said Bill Brauner, CEDAC’s Director of Housing Preservation. “We look forward to continuing to work with Retirement Housing Foundation as they seek long-term funding from the Massachusetts Department of Housing and Community Development (DHCD) and from MassHousing, which will ensure that this development remains affordable for many years in the future.”

SourceBoston Real Estate Times

Hillcrest Acres in Attleboro acquired, to be kept as affordable housing

The nonprofit Retirement Housing Foundation and The Schochet Companies have closed on the acquisition of Hillcrest Acres Apartments, preserving 100 units of affordable housing, it was announced Friday.

Hillcrest Acres, located at 1101 Hillside Ave., is an expired Rent Supplement and Section 236 property, with a mixed income, but mostly affordable, resident population, the announcement said.

“With all affordability restrictions having expired, the project was at high risk of being lost to a market rate buyer, potentially leading to community disruption and displacement of many lower income households,” it said.

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“I am pleased to welcome Hillcrest Acres to the RHF family of 198 communities,” RHF President and CEO Laverne Joseph said. “There is a large and growing need for affordable housing and we are doing our best to address that need.”

According to the announcement, the development team worked with the property owner for over a year to reach agreement on a transaction. To facilitate preservation, the Community Economic Development Assistance Corporation has provided a $8.4 million acquisition loan, allowing for a bridge to a low-income housing tax credit transaction. Coupled with financing and funding from other public sources, it “allows for a major rehabilitation of dwelling units and most major systems.”

“Preserving affordable housing is an important part of CEDAC’s mission,” said Roger Herzog, CEDAC’s executive director. “Hillcrest Acres was far along the path of conversion from affordable housing to market rate, but thanks to this acquisition, all 100 apartments will have long-term affordability restrictions.”

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The acquisition will preserve 100 units of affordable housing “while preventing existing tenants from displacement,” Herzog said.

Completed in 1974, Hillcrest Acres is a garden-style multi-family community located on just over 9 wooded acres. It consists of 10 residential buildings spread throughout the property and has picnic and barbecue areas, play areas, and a 3,000-square-foot community/office building on site.

Founded in 1961, RHF is a national nonprofit organization with a mission to provide a range of housing options and services for older adults, low-income families, and persons with disabilities.

It is affiliated with the Council for Health and Human Service Ministries of the United Church of Christ and LeadingAge and its state affiliates, and also co-sponsors housing development with other varied denominational and community organizations. RHF sponsors and manages 198 communities in 29 states and Washington, D.C., Puerto Rico and the Virgin Islands. This will be RHF’s 12th community in Massachusetts.

Schochet Associates Inc. is a real estate development and management company founded in 1973. Since that time, the company has developed, owned, and/or managed in excess of 7,000 apartments and over 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, it owns and/or manages 5,000 apartments and 100,000 square feet of commercial space throughout New England.

CEDAC is a public-private community development finance institution that provides financial resources and technical expertise for community-based and other nonprofit organizations engaged in community development in Massachusetts.

SourceThe Sun Chronicle

New 6-Unit Building in Hyde Park

Dear Friends and Supporters,

We are very pleased to announce that we have acquired a new supportive housing project, a 6-unit building in Hyde Park. The project was originally developed more than twenty years ago by New Communities Services, a Cambridge-based nonprofit, to provide housing and supportive services to single adults at risk of homelessness. As the new owner, Mainstay will continue to operate the development as a supportive housing project for individuals at risk of homelessness.

This project was undertaken in partnership with the Community Economic Development Assistance Corporation (CEDAC) and the Massachusetts Department of Mental Health. Roger Herzog, executive director of CEDAC, said “I’d like to thank Mainstay for ensuring the stability of this important project and congratulate them on their incredible work serving vulnerable populations, especially during these unprecedented times. The current public health crisis demonstrates how crucial it is for everyone to have access to a safe, affordable place to live and reaffirms our commitment to supporting the non-profit community development sector across the state. We would also like to thank the Massachusetts Department of Mental Health for their longstanding partnership as we continue to work together to produce and preserve permanent supportive housing in the Commonwealth.”

We were thrilled to be asked last year to step in to preserve this Supportive Housing development as its new owner. The City of Boston needs every unit of Supportive Housing it can get in its fight to end homelessness, and safeguarding and preserving these six units helps that cause immensely.

Mainstay is proud to say that we continue to deliver the services and supports, including safe and supportive housing, and person-centered home care, that people need to thrive in their residences and communities.

Thank you for your support.

Larry Oaks and the Mainstay Team

SourceMainstay