North Adams, MA – MassDevelopment has issued a $15,666,800 tax-exempt bond on behalf of Caleb Mohawk Limited Partnership, an affiliate of The Caleb Foundation, Inc. (TCF), which is using bond proceeds to buy and renovate Mohawk Forest, a 190-unit mixed-income multifamily rental housing complex in North Adams.
As part of the project, The Caleb Foundation will also convert four market-rate units to affordable; upon completion, 187 units will be affordable, rented to households earning a range of incomes, and three units will be rented at market rate. Construction began in April 2022 and is expected to be completed in spring 2023. Citizens Bank purchased the bond.
Mohawk Forest consists of 31 buildings located on 25.3 acres of land and includes 42 three-bedroom units, 102 two-bedroom units, and 46 one-bedroom units. Renovations to the complex include replacing exterior siding and doors, installing new roofs, windows, and a community room boiler, upgrading bathrooms, electrical, and exterior lighting, painting common areas, and improving accessibility and landscaping.
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $10.8 million in equity for the project.