Stow, MA – MassDevelopment has issued a $25,774,124 tax-exempt bond on behalf of SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corporation. The organization is using proceeds to renovate an existing 50-unit affordable rental housing complex for seniors and an existing single-family house, and build a new 37-unit affordable, supportive housing building for seniors, the Elizabeth Brook Apartments. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care to benefit residents at various stages of life.
Minuteman Senior Services will provide case management to the building’s residents, including assessment and support services. Construction began in October 2023 and is expected to be completed in April 2025. Eastern Bank purchased the bond, which helped SEHC Elizabeth Brook Apartments Limited Partnership achieve a lower cost of capital.
Renovations to the existing apartment complex include new heating and cooling systems; energy efficiency upgrades; new roofs, windows, insulations, and bathrooms; and selective new kitchens. The two-bedroom single-family house will be renovated and converted into an affordable unit for seniors.
“Housing like these apartments in Stow provides seniors with the opportunity to downsize while remaining connected to their loved ones and the local community, and EOHLC was proud to support this project,” said Secretary of Housing and Livable Communities Ed Augustus. “Massachusetts’ senior community is growing, and our housing stock must evolve and expand to meet the unique needs of older adults. The Governor’s recently proposed Affordable Homes Act authorizes $200 million for a new Housing Innovations Fund to support innovative and alternative forms of rental housing for vulnerable populations and seniors to age in place.”
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $23 million in equity for the project.
