Nantucket, MA – MassHousing has provided $1.5 million in financing to an affiliate of HallKeen Management. The funding will enable it to make renovations to Academy Hill, a 27-unit mixed-income housing community for senior citizens on Nantucket, and to preserve affordability for perpetuity.
The Academy Hill School was built in 1929 and converted to senior housing in 1986 with a combination of MassHousing financing and the use of historic tax credits. The property is located at 4 Westminster St. and is comprised of 2 studio apartments, 21 one-bedroom apartments, and 4 two-bedroom apartments.
Over the next two years, HallKeen plans to undertake extensive property improvements, including accessibility improvements, masonry repairs, and building systems upgrades. The Town of Nantucket has committed $250,000 in Community Preservation Act financing, for the repair of the historic building’s windows.