Attleboro, MA - Congressman Jake Auchincloss today joined MassHousing Vice President of Multifamily Programs Mark Teden, and State Senator Paul Feeney, residents and supporters to celebrate the start of renovations at Gardner Terrace I Apartments a 92-unit affordable senior housing complex on Pine Street.
Often referred to as “Makepeace Apartments” - in a nod to its past as the Makepeace Jewelry Company -Gardner Terrace I consists of 92 one-bedroom apartments that provide a critical and deeply affordable housing resource for seniors in Attleboro. Gardner Terrace I is part of POAH’s Attleboro affordable housing portfolio acquisition in August 2020. Since then, POAH has made emergency capital repairs to stabilize the buildings and address significant deferred maintenance.
“I am very pleased to support POAH in its efforts to renovate Gardner Terrace Apartments in Attleboro, said Congressman Auchincloss. “This represents a great example of a public-private partnership to ensure that low-income seniors can age in the community in high quality, accessible housing and not worry about being displaced in the future. I want to thank all of the federal, state, and local agencies that pulled together to provide the necessary funding for this historic property in downtown Attleboro.”
Last year, POAH received an allocation of Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds to re-syndicate the property and finance a major rehabilitation. The $23 million renovations will include: full roof and siding replacement, historic replica window installation, improved ventilation, a new energy efficient heating and cooling system, and apartment and common area upgrades.
“MassHousing is pleased to be part of the revitalization effort for this important source of affordable housing for lower-income seniors in Attleboro,” said MassHousing Vice President of Multifamily Programs Mark Teden. “POAH is a mission-driven affordable housing provider with the experience and expertise to substantially renovate these apartment homes and keep them affordable for their residents long into the future.”
MassHousing is providing tax-exempt bonds and the Massachusetts Department of Housing and Community Development (DHCD) is allocating Federal and State Low-Income Housing Tax Credits. Silicon Valley Bank in cooperation with Eastern Bank, is providing the construction financing and buying the tax credits.
Boston Financial Investment Management (BFIM) is the equity syndicator and MassHousing is the permanent lender, providing a HUD Risk Share insured loan. The property also benefits from subordinate loans provided by DHCD. South Coast Improvement Company is the general contractor and The Architectural Team is the architect. Construction begins this month with project completion expected in June of 2024.
“Gardner Terrace has been and will remain a crucial source of affordable housing in the city of Attleboro, said POAH President and CEO Aaron Gornstein. “POAH is very excited to implement renovations that will benefit the property and the residents who call Gardner Terrace home.”
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