Chicopee, MA – MassDevelopment has issued a $15 million tax-exempt bond on behalf of MacArthur Terrace, LLC, an affiliate of real estate company Dimeo Properties, Inc.
Dimeo Properties will use bond proceeds to renovate MacArthur Terrace, a 222-unit fully affordable housing facility in Chicopee.
MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $6.9 million in equity for the project. TD Bank purchased the bond.
The property is made up of 42 two-story garden- and townhouse-style residential buildings and three single-story support buildings, including a management office, community center, and utility building.
In total, the property includes 122 one-bedroom units, 78 two-bedroom units, and 22 three-bedroom units, all of which will be rented to households earning no more than 60 percent of area median income. One hundred forty-six of these units are family housing, while 76 units will be reserved for seniors.
Dimeo Properties plans to replace the heating and domestic hot water system boilers and building roofs, upgrade in-unit finishes, kitchens, and bathrooms, and perform accessibility upgrades.