Boston – MassHousing has closed on $9.5 million in affordable housing financing to the nonprofit, Affordable Housing and Services Collaborative, Inc., and Taunton Revitalization, Inc., to support the construction of a new 40-unit housing community for lower-income senior citizens at the former Walker School in Taunton.
The Walker School will involve the redevelopment of the vacant, former school into 40 new one-bedroom apartments. The school building will contain 16 apartments and the development team will build an addition containing 24 apartments.
MassHousing is supporting the redevelopment of the Walker School with an $8.75 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 $3.69 million in equity financing from the allocations of state LIHTCs and state Historic Tax Credits syndicated by Boston Financial Investment Management.
The Massachusetts Department of Housing and Community Development (DHCD), which allocated the federal and state LIHTCs, is also contributing $2.6 million in direct affordable housing subsidy. The Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, contributed $1 million to the project, while the city of Taunton is providing $200,000 in financing.
The contractor is NEI General Contracting. The architect is The Architectural Team and the management agent is Peabody Properties.