July 21, 2020
MassHousing has closed on $9.5 million in affordable housing financing to support the construction of a new 40-unit housing community for lower-income senior citizens at the former Walker School in Taunton.
The project will involve the redevelopment of the vacant school into 40 new one-bedroom apartments. The former school building will contain 16 units and the development team will construct an addition containing 24 units. All 40 apartments will be supported by a federal Section 8 Housing Assistance Payment subsidy for very low-income households earning at or below 30 percent of the Area Median Income (16 units) or 50 percent of Area Median Income (24 units). The median income for a household of two in Taunton is $84,100.
MassHousing is supporting the redevelopment of the property with an $8.7 million construction loan and a $750,000 construction and permanent loan. The project is also receiving $13.8 million in equity financing through allocations of federal Low-Income Housing Tax Credits (LIHTC) and federal Historic Tax Credits, and $3.6 million in equity financing from the allocations of state LIHTCs and state Historic Tax Credits syndicated by Boston Financial Investment Management.
For comments, questions or concerns, please contact David Cohen