Boston – MassHousing has closed on $9 million in financing to Dakota Partners, Inc., to support the development of Phase I of the Woodland Cove affordable rental housing community in Wareham.
Dakota Partners is developing the eight-acre site in three phases and Phase I Woodland Cove Phase I will be constructed in three- and four-story buildings. Phase I will create 11 one-bedroom apartments, 45 two-bedroom apartments and seven three-bedroom apartments and will include seven workforce housing units.
The Architect is Ed Wojcik Architect, Ltd and the management agent will be Maloney Properties.
MassHousing is providing Dakota Partners with an $8.3 million permanent loan and $700,000 in financing from the Agency’s Workforce Housing Initiative. The transaction also involved $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). Other financing sources include $8.9 million in federal Low Income Housing Tax Credit financing and $1.9 million in financing from DHCD. Hunt Capital Partners is the tax credit syndicator and investor, and Brookline Bank is the construction lender.
Eight of the apartments will be supported by a federal Section 8 Housing Assistance Payment contract, serving households earning up to 30% of the Area Median Income (AMI). An additional 48 apartments will be restricted to households earning up to 60% of AMI. There will be seven workforce housing apartments for households earning up to 80% of AMI. The AMI for Wareham is $120,800 for a family of four.