Bedford, MA - Congressman Seth Moulton (D-MA6); Janelle Chan, Undersecretary, Massachusetts Department of Housing and Community Development and Bedford Board of Selectmen Chair William S. Moonan joined nonprofit Preservation of Affordable Housing (POAH) to celebrate continuing investments in two Bedford affordable housing developments at a special event May 25 at Bedford Village.
POAH will be the new owner and developer of Bedford Village and 447 Concord Road Apartments which together comprise 110 affordable rental apartments. POAH’s acquisition of the apartments will preserve the affordability of the rental homes at Bedford Village, which might otherwise have been at risk of becoming market-rate at the end of the Commonwealth's 13A subsidy program from the 1970s.
“The fact that Bedford is truly leading the charge in Massachusetts is quite significant," said Congressman Moulton. "Because we don’t talk about housing as a major issue, but I’m telling you it’s one of the biggest issues of the decade.”
Bedford Village consists of 96 one -, two-, and three bedroom households in 10 residential buildings set on 10.3 acres with proximity to retail centers, medical facilities, civic institutions, and local schools. Bedford Village provides affordable options to low-income individuals as well as those earning up to 100% of median area income. Built in 2009, 447 Concord Road Apartments offers 14 one-, two-, and three bedroom townhomes in a quiet cul-de-sac approximately ten minutes from Bedford Village, surrounded by protected forests and adjacent to a regional bike path and the same community resources and amenities that Bedford Village tenants enjoy.
“Tens of thousands of affordable housing units that were built in the 1970's are set to expire soon. In other words, tens of thousands of families may face the scenario where their homes are no longer affordable to them - unless we act. So I’m very proud to say that we are acting. We are all here today because people acted,” said Chan.
“These homes are greatly needed in Bedford, where there are limited rental options for lower-income families said POAH President/CEO Aaron Gornstein. “Our partners’ support, through new financing which continues the legacy of state funding and local support through the Community Preservation Act, will ensure long-term affordability for years to come.”
Using a combination of Federal Low Income Housing Tax Credits, bonds from MassHousing, and local Community Preservation Act funds, Bedford Village will undergo renovations that will include new roofs, windows, select kitchen and bath updates, and low-flow fixtures, creating more comfort in the residences. As a newer property, 447 Concord Road Apartments requires less rehabilitation so work there will focus on vastly enhancing its energy performance with a new photovoltaic solar array to produce electricity and updated appliances. Work on Bedford Village is set to begin in summer 2018, and improvements on 447 Concord Road will begin in late 2019.