Orange, MA – MassHousing has provided a total of $11.6 million in affordable housing financing to the non-profit Retirement Housing Foundation (RHF), for the renovation and preservation of two adjacent affordable housing communities in Orange.
As part of the transaction, RHF will combine the 120-unit King James Court property, which serves elderly and disabled residents, and the 114-unit Pine Crest apartments, which serves low-income families, into a single new entity called King Pine.
RHF will invest approximately $7 million in property renovations. The 234 apartments will be primarily for households earning at or below 60 percent of the Area Median Income (AMI) and will remain affordable for at least 40 years. The AMI for Orange is $74,800 for a family of four.
As part of the housing preservation transaction, RHF will undertake extensive site work improvements at King Pine, including repaving driveways, walkways and curbing, and replacing buried electrical power lines. RHF will also upgrade accessibility at the property, replace roofing and siding, and make upgrades to some kitchens and bathrooms.
King Pine is located at 383 and 419 East River Street in Orange. There are 138 one-bedroom apartments, 72 two-bedroom apartments, 18 three-bedroom apartments and 6 four-bedroom apartments. Of the 234 apartments, 148 are supported by federal Section 8 Housing Assistance Payment contracts and 45 apartments are supported by the Massachusetts Rental Voucher Program (MRVP).
The Schochet Companies provided development consulting and its affiliate, Federal Management Co., Inc. is the property manager for King Pine. The contractor will be Keith Construction.