MassHousing has recently closed on $13.3 million in affordable housing financing for the acquisition, renovation, and extension of affordability at Van der Heyden Apartments in Springfield, Massachusetts. The property owner plans to invest $9 million in improvements with a 20-year federal Section 8 Housing Assistance Payment contract to ensure affordability for households earning up to 30% and 50% of the Area Median Income.
To fund these renovations MassHousing is providing $9.9 million in construction financing as well as an additional $3.4 million towards construction and permanent financing sources such as state and federal Low-Income Housing Tax Credits, historic tax credit equity financing, direct support from the Executive Office of Housing & Livable Communities (EOHLC), funding from Affordable Housing Trust Fund (AHTF) ,and support from City of Springfield . These improvements are expected to be completed within 12 months time frame with various upgrades included during this period.. This investment will help provide much needed affordable housing options for families living within Springfield area .
