Boston – MassHousing has closed on $1.8 million in affordable and workforce housing financing to the nonprofit Home City Development, Inc., to transform the former Elias Brookings School in Springfield into 42 new apartments for households with a range of incomes.
The three-story, masonry, concrete and steel building, located at 367 Hancock St., was used as a public school from 1926 until it was damaged by the 2011 tornado. The project will create 12 new one-bedroom apartments, 25 two-bedroom apartments, and five three-bedroom apartments.
MassHousing is providing Home City Development with a $1.1 million permanent loan and $700,000 in financing from the agency’s Workforce Housing Initiative. The construction lender and investor is TD Bank, and the tax credit syndicator is National Equity Fund, Inc.
Fifteen of the apartments will be supported by project-based housing vouchers and will be restricted to households earning less than 30% of the Area Median Income (AMI), 20 of the units will be restricted to households earning up to 60% of AMI, and seven apartments will be workforce housing units restricted to households earning up to 80% of AMI.
The general contractor will be Allegrone Construction Company, Inc. The architect is Davis Square Architects, Inc. and the management agent will be Housing Management Resources, Inc.