2 efforts recognized for historic preservation, reuse of buildings
Posted on November 22, 2006
BOSTON --- Two efforts funded by the Massachusetts Housing Partnership (MHP) have been recognized for their work in converting historic buildings into successful affordable housing developments.
The Women’s Institute for Housing and Economic Development, Inc. (WIHED) was recently presented with two awards for the redevelopment of a vacant school in New Bedford into 12 units of affordable family housing. The Fannie Mae Foundation awarded WIHED with the Most Innovative Partnership Award while the National Housing and Rehabilitation Association recognized WIHED with an Excellence Award for historic rehabilitation. In winning the partnership honor, WIHED was recognized for teaming up with NorthStar Learning Center which occupies the first floor of the building and provides a variety of social services to residents and community members.
The Weir Corporation of Taunton, a local nonprofit that has worked to revitalize Taunton’s historic mill villages, has also received a preservation award from the Massachusetts Historical Commission for the redevelopment of the Robertson Mill into 64 units of affordable housing.
MHP supported both efforts with a total of more than $3 million in long-term financing from its bank-funded loan pool.
In the New Bedford effort, MHP provided the Women’s Institute with $105,000 in a first-mortgage loan and a low-interest, $200,000 second mortgage from Home Funders, a program that helps developers provide more units for lower-income people. Additional funding included the Department of Housing and Community Development HOME funds, the city of New Bedford, and $2 million in Low-Income Housing Tax Credits.
The vacant New Bedford school was redeveloped into eight three-bedroom units, two two-bedroom units, and one one-bedroom unit. All 12 apartments will be 100 percent affordable, with four units affordable to families at 30 percent of the area median income, and the remaining eight units affordable at 60 percent of the median.
Similarly, all 64 units in the rehabilitated Robertson on the River Mill in Taunton were made affordable to families between 30 and 60 percent of the area median income. MHP provided an early $50,000 loan to help with engineering and architectural work, and then committed an additional $2.7 million in a permanent first mortgage loan. The effort also received funding from the state’s Affordable Housing Trust Fund, MassDevelopment, the U.S. Environmental Protection Agency, and the Community Economic Development Assistance Corporation (CEDAC). Bank of America provided an $8.2 million construction loan.
MHP is a quasi-public state agency that provides permanent financing for affordable rental housing. MHP uses private bank funds to finance affordable housing due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. Since 1990, MHP loan pool has grown to over $1 billion and it has provided over $430 million in permanent loans for the financing of 12,000 units of rental housing. In addition to financing, MHP helps cities and towns initiate and develop affordable housing. It also provides homeownership opportunities through the SoftSecond Loan Program, a mortgage program for low and moderate-income first-time homebuyers.
For more information, contact MHP's Callie Clark by email or at 617-330-9944 ext. 336.