December 17, 2020
MassHousing has provided $26.4 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative to refinance and rehabilitation of Powdermill Village, a 248-unit multifamily property in Westfield, MASS.
Built in the 1970s, the community was last renovated in 2000. AHSC has planned more than $28 million in improvements to substantially rehabilitate the 12 two- and three-story buildings at the property, including one building that was partially destroyed by a fire in 2018.
MassHousing provided a $14.5 million tax-exempt construction and permanent loan and an $11.9 million tax credit equity bridge loan to support the redevelopment of the community. The project is also receiving a total of $18.9 million in federal and state Low-Income Housing Tax Credit (LIHTC) equity financing. The LIHTC syndicator is Boston Financial Investment Management.
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