Taunton, MA – MassHousing has closed on approximately $10 million in financing through the CommonWealth Builder Program to Tremont Development Partners LLC to develop 30 new townhomes for purchase by moderate-income, first-time homebuyers in the Gateway City of Taunton.
The MassHousing funding will allow Tremont Development Partners to transform a site with a vacant former medical office building into a new residential community for first-time homebuyers. Four of the new homes will be sold to homebuyers earning up to 80% of the Area Median Income (AMI) and 26 homes will be sold to homebuyers earning up to 100% of AMI. Homes are expected to sell between $195,000 and $255,000.
“MassHousing is excited for the 30 households who will be able to purchase a new home they can afford to put down roots in Taunton,” said MassHousing CEO Chrystal Kornegay. “As homeowners, they will begin to build equity and wealth, which they one day may pass along to a new generation. We are pleased that CommonWealth Builder will help build these new homes, with all the benefits homeownership can bring.”
“This site offers a tremendous opportunity to create homeownership opportunities in the City of Taunton at an attainable price point for first-time homebuyers,” said Rich Mazzocchi, principal of Tremont Development Partners. “We are truly grateful for the support of our financing partners and the City of Taunton, and we look forward to achieving the successful delivery of these homes to the community.”
The CommonWealth Builder Program is an initiative to address the racial homeownership gap in Massachusetts by creating new homeownership and wealth-building opportunities in communities of color. It provides market-based subsidies to support the construction of new, moderately priced, single-family homes and condominiums in the City of Boston, the state’s 26 Gateway Cities, and Framingham and Randolph.
In addition to the $10 million in CommonWealth Builder financing from MassHousing, Eastern Bank is providing $7.5 million in construction financing and the Greater Attleboro/Taunton HOME Consortium is providing $600,000.
The new housing will replace an abandoned, single-story medical office building, which has been demolished. The 30 two-bedroom townhomes will be contained in four buildings. The development will be located near downtown Taunton, Taunton City Hall and open space.
The general contractor is Congress Construction. The architect is Davis Square Architects and the management agent is Maloney Properties.