Springfield, MA – MassDevelopment has issued a $9,190,000 tax-exempt bond on behalf of BH Chestnut Crossing LLC, an affiliate of Home City Development, Inc. (HCDI), which will use bond proceeds to renovate and enlarge rental units at an apartment building at 275 Chestnut St. in Springfield.
MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide $5.2 million in equity for the project. TD Bank purchased the bond.
HCDI plans to convert the building’s 104 units into 101 larger single-occupancy units, all of which will contain bathrooms and kitchenettes, and make needed energy efficiency upgrades. Planned renovations also include the addition of a new community space and private office space where residents can access services and support.
More than three-quarters of the units will be rented to households earning between 30 to 60 percent of the area median income. The remaining units will have no income restriction.