PATRICK-MURRAY ADMINISTRATION ANNOUNCES $105 MILLION TO BUILD OR PRESERVE 2,196 HOUSING UNITS ACROSS MASSACHUSETTS

Beverly, MA – May 17, 2012 – (RealEstateRama) — Lieutenant Governor Timothy Murray today announced $105 million in affordable housing resources and tax credits to support the construction of 36 housing developments in 28 communities across the Commonwealth. The announcement was made at the Pleasant Street Apartments for veterans in Beverly, which is receiving $2.5 million. The projects will build or preserve 2,196 housing units and create an estimated 3,000 construction jobs.

“Creating affordable housing helps to generate jobs, grow local businesses and strengthen our communities,” said Governor Deval Patrick. “Government’s role is to help people help themselves, and investing in affordable housing will build a better Commonwealth for generations to come.”

“Investing in affordable housing for our veterans, elderly residents and low-income families is critical to strengthening our neighborhoods and ending homelessness in the Commonwealth,” said Lieutenant Governor Murray, Chair of the Interagency Council on Housing and Homelessness. “By partnering with the state’s congressional delegation, we are delivering greater resources and creating significant construction jobs as we increase our stock of affordable housing for families and individuals in Massachusetts.”

The Beverly Pleasant Street Apartments will provide permanent, affordable housing to formerly homeless veterans. The transit-oriented development will provide a community room, on-site vocational and group meeting space and private offices for veteran counseling. The project will be developed by Peabody Properties in partnership with Windover Development.

The $105 million investment includes more than $23 million in federal low-income housing tax credits; $20 million in state low-income housing tax credits and $61 million in state and federal housing program subsidies.

“This investment means construction jobs, economic development, and affordable housing, and a lot of it will benefit veterans who deserve the full measure of commitment from their government,” said U.S. Senator John Kerry.

“This funding for affordable housing will go a long way to boost our communities and bring much needed relief to Massachusetts families who need help the most,” said U.S. Senator Scott Brown.

“State and federal partnerships like this one make a real impact in communities across the Commonwealth,” said Congressman John Tierney. “This program will not only build or preserve affordable housing for our veterans, seniors, and families, but it is expected to create jobs for residents in our communities and help keep our economic recovery on track.”

Of the 2,196 units, 2,062 of which will be affordable to low and moderate income working families and individuals — including 279 for extremely low-income families and individuals. Funding from today’s announcement will support projects in: Agawam, Amherst, Barnstable, Beverly, Boston, Brewster, Brockton, Brookline, Carlisle, Danvers, Easthampton, Hudson, Lawrence, Lowell, Ludlow, Newburyport, Orange, Orleans, Somerville, Springfield, Stow, Sudbury, Taunton, Truro, Westhampton, Worcester and Yarmouth.

“The Pleasant Street project is a smart investment that will create jobs, housing and business growth,” said Senate Majority Leader Fred Berry. “Furthermore, our local veterans will have the opportunity to live affordably, with access to the services they deserve.”

“Our communities are stronger when affordable housing options are available for everyone, and families are able to stay and live in the same neighborhoods they grew up in,” said Senator Jamie Eldridge. “These projects, including the ones in Hudson, Stow and Sudbury, move us one step closer to that reality, and I’m pleased to see the financial support for these efforts from the Patrick-Murray Administration.”

“This investment in our communities will provide families, elderly, and persons with disabilities an affordable and dignified place to call home,” said Representative Kevin Honan. “I applaud the ongoing commitment of the legislature and the administration to strengthening our neighborhoods with the creation of new rental units throughout the Commonwealth.”

“It is estimated that up to 200,000 veterans are homeless on any given night, and that up to 40 percent of homeless men are veterans, so providing quality, affordable housing for those that served our country is vitally important,” said Representative Jerry Parisella. “I am proud that Massachusetts is once again demonstrating its commitment to our nation’s warriors and joining with other government agencies in providing funding for this much-needed housing project in Beverly.”

“Beverly is happy to do its part to meet the needs of veterans needing permanent housing,” said Mayor Bill Scanlon.

Since the beginning of their first term, Governor Patrick and Lieutenant Governor Murray have worked with the state legislature and Congress to direct over $700 million in federal and state tax credits and state housing program subsidies to projects that improve the state’s affordable housing, create jobs and build stronger communities. These investments have generated more than 14,000 jobs and 10,000 housing units; 9,000 of which are affordable.

PROJECTS AWARDED FUNDING:

Gordon H. Mansfield Veterans Village (Agawam): Soldier On, Inc. will use $2,715,000 in Department of Housing and Community Development (DHCD) housing subsidies and $544,657 in state and federal low-income housing tax credits to renovate the former Western Mass Regional Police Academy into 54 units of limited equity cooperative housing for formerly homeless veterans. The project is expected to provide 85 jobs.

Olympia Oaks (Amherst): HAP, Inc. will use $2,715,000 in DHCD housing subsidies and $1.1 million in state and federal low-income housing tax credits to create 42 units of affordable family housing, with eight units reserved for extremely low-income households. It is expected to create 81 jobs.

Stage Coach Residences (Barnstable): The Barnstable Housing Authority will use $1.2 million in DHCD housing subsidies to create 12 units of affordable rental housing for low-income families. It is expected to create 23 jobs.

Pleasant Street (Beverly): Windover Development and Peabody Veterans Supportive Housing will use $2.5 million in DHCD housing subsidies and $275,000 in federal low-income housing tax credits to create 33 units of affordable housing for veterans. It is expected to create 36 jobs.

Dudley Greenville (Boston): Madison Park Development Corporation will use $3.2 million in DHCD housing subsidies and $1.173 million in state and federal low-income housing tax credits to create 43 units of affordable housing for low-income families, with nine units reserved for extremely low-income families. It is expected to create 112 jobs.

Old Colony Phase 2A and 2B (Boston): Beacon Communities will use $3.5 million in DHCD housing subsidies and $7.77 million in state and federal low-income housing tax credits to preserve 129 units of affordable family housing, with 14 units reserved for extremely low-income households. A federal HOPE VI project, Old Colony is expected to create 432 jobs.

Oxford Ping On (Boston): The Chinese Economic Development Council will use $3.75 million in DHCD housing subsidies and $725,136 in federal low-income housing tax credits to create 47 units of affordable family housing, with five units reserved for extremely low-income households. It is expected to create 123 jobs.

Patriot Homes (Boston): Caritas Communities will use $2.6 million in DHCD housing subsidies and $279,537 in federal low-income housing tax credits to create 24 units of affordable housing for veterans. Three units will be reserved for extremely low-income households. It is expected to create 55 jobs.

State Street Portfolio Acquisition (Boston, Brewster, Hudson, Orleans): The non-profit Preservation of Affordable Housing (POAH) will use approximately $8.9 million in federal and state low-income housing tax credits to purchase and preserve six affordable housing projects currently owned by State Street and located in four communities. The six projects include 841 units (796 affordable units). This transaction is one of the largest preservation transactions ever supported by the Commonwealth. It is expected to create 350 jobs.

Washington Park Apartments (Boston): Nuestra Comunidad and WiSe Urban Development will use $2.3 million in DHCD housing subsidies and $3.2 million in state and federal low-income housing tax credits to preserve 96 units of affordable family housing, with ten units reserved for extremely low-income families. It is expected to create 99 jobs.

Wayne at Franklin Phase 1 (Boston): Cruz Development will use $1.5 million in DHCD housing subsidies and $1.5 million in state and federal low-income housing tax credits to preserve 72 units of affordable family housing, with 11 units reserved for extremely low-income families. It is expected to create 67 jobs.

Station Lofts (Brockton): Capstone Communities will use $1.5 million in DHCD housing subsidies and $495,348 in federal and state low-income housing tax credits to create 25 units of housing affordable and market rate housing. It is expected to create 46 jobs.

86 Dummer (Brookline): The Brookline Housing Authority will use $1.9 million in DHCD housing subsidies and $384,108 in federal low-income housing tax credits to create 32 units of family housing, with ten units reserved for extremely low-income families. It is expected to create 83 jobs.

Benfield Farms (Carlisle): Neighborhood of Affordable Housing will use $1.95 million in DHCD housing subsidies and $737,000 in federal and state low-income housing tax credits to create 26 units of elderly housing; 22 units will be reserved for low-income households and five will be reserved for extremely low-income households. It is expected to create 60 jobs.

Conifer Hill Phase II (Danvers): The Kavanaugh Advisory Group will use $1.55 million in DHCD housing subsidies and $708,000 in federal low-income housing tax credits to create 42 units of affordable family housing, with five units reserved for extremely low-income households. It is expected to create 64 jobs.

Cottage Square (Easthampton): Arch Street Development will use $2.5 million in DHCD housing subsidies and $981,271 in state and federal low-income housing tax credits to create 50 units of affordable family housing. Five units will be reserved for extremely low-income households. It is expected to create 111 jobs.

108 Newbury Street (Lawrence): Lawrence Community Works will use $1.8 million in DHCD housing subsidies and $390,000 in federal low-income housing tax credits to create 18 units of affordable family housing. Two units will be reserved for extremely low-income families. It is expected to create 41 jobs.

Paige Apartments (Lowell): The Caleb Foundation will use $900,000 in DHCD housing subsidies to rehabilitate a 10-unit apartment building to provide affordable housing for Youth Aging Out of the Foster Care program. The project is expected to create two jobs.

Stevens Memorial Senior Housing (Ludlow): HAP, Inc. will use $2.7 million in DHCD housing subsidies to create 28 units of affordable elderly housing. Seven units will be reserved for extremely low-income individuals or households. It is expected to create 50 jobs.

YWCA Market Street Apartments (Newburyport): The YWCA of Greater Newburyport will use $1.2 million in DHCD housing subsidies to preserve 10 units of affordable housing for formerly homeless individuals and families. It is expected to create 11 jobs.

Dial Self Orange Teen Housing (Orange): Franklin County Dial Self, Inc. will use $1.3 million in DHCD housing subsidies to preserve nine units of affordable housing for Youth Aging Out of the Foster Care program. It is expected to create 11 jobs.

Paxton Senior Housing (Paxton): JK Scanlan will use $1.7 million in DHCD housing subsidies and $1.2 million in state and federal low-income housing tax credits to create 50 units of affordable housing for elderly residents, with five units reserved for extremely low-income households. It is expected to create 69 jobs.

VOA Veterans Housing (Somerville): Volunteers of America will use $3.6 million in DHCD housing subsidies to create 29 units of affordable housing for veterans. Twenty two units will be reserved for extremely low-income households. It is expected to create 21 jobs.

Six Corners – Center City Housing (Springfield): Better Homes, Inc. will use $1 million in DHCD housing subsidies and $1.1 million in state and federal low-income housing tax credits to preserve 47 units of housing for families, with 43 affordable units and five units reserved for extremely low-income residents. It is expected to create 76 jobs.

Pilot Grove Apartments II (Stow): Stow Community Housing Corporation will use $2 million in DHCD housing subsidies and $675,000 in federal low-income housing tax credits to create 30 units of affordable housing for families, with three units reserved for extremely low-income households. It is expected to create 61 jobs.

The Coolidge at Sudbury (Sudbury): B’Nai B’rith Housing of New England will use $2.3 million in DHCD housing subsidies and $903,519 in state and federal low-income housing tax credits to create 64 units of affordable housing for elderly residents, with eight units reserved for extremely low-income individuals or households. It is expected to create 88 jobs.

Fairfax Gardens (Taunton): Trinity Financial will use $6.7 million in state and federal low-income housing tax credits to preserve 160 units of housing, with 150 affordable units and 17 units reserved for extremely low-income families. A federal HOPE VI project, Fairfax Gardens is expected to create 419 jobs.

Sally’s Way (Truro): Community Housing Resources will use $1.5 million in DHCD housing subsidies to create 16 units of affordable housing for families; two units will be reserved for extremely low-income families. It is expected to create 29 jobs.

Westhampton Woods Senior Housing Phase II (Westhampton): Hilltown Community Development Corporation will use $800,000 in DHCD housing subsidies to create eight units of affordable housing for seniors, with two units reserved for extremely low-income households. It is expected to create 10 jobs.

Voke School (Worcester): Winn Development will use $2.55 million in DHCD housing subsidies and $3.9 million in state and federal low-income housing tax credits to create 65 units of housing, with 58 affordable units and nine units reserved for extremely low-income households. It is expected to create 197 jobs.

Simpkins School Residences (Yarmouth): SCG Development Company will use $2.5 million in DHCD housing subsidies and $932,745 in federal low-income housing tax credits to create 65 units of housing for seniors, with 58 affordable units and seven units reserved for extremely low-income households. It is expected to create 93 jobs.