Local support key to new rental homes near downtown; MHP makes $1.1M loan commitment
Posted on July 13, 2011
HOLLISTON, July 13, 2011 --- Of all the people who spoke about the significance of Cutler Heights, nobody understood it better than Lillian Feinberg, who moved into one of the new apartments with her husband Stan after economic hard times forced them toshort-sell their longtime home in nearby Ashland. "We're close to where we used to live and within walking distance of downtown," she said." Lots of times you can hear church bells ringing. It's beautiful."
While she spoke of no longer having to lie awake at night wondering where she was going to live next, local and state leaders were a few feet away cutting the ribbon to officiallycelebrate the opening of Cutler Heights, a new 3 -story apartment building featuring the 30 new affordable rental homes within a few minutes of downtown.
It seemed that all the local officials who spoke at the June2 grand opening had families like the Feinbergs in mind as they explained why the town spent nine years taking all the necessary steps to do something about affordable housing and the 100-plus people on their housing authority waiting list. The Feinberg story explains why the housing authority swapped land on Marshall St. to the town for land behind town hall. It explains why the zoning board of appeals granted a Ch. 40B comprehensive permit, allowing the 5.4 acre downtown site to be developed at a greater density than zoning allowed. It explains why the voters at Holliston Town Meeting voted time and again to appropriate thousands of dollars in Community Preservation Act (CPA) funds for the development.
"A project like this is always timely given the economic conditions people are living with," said Jay Marsden, chairman of the board of selectmen.
"The town deserves thanks for approving a total of over $909,000 in CPA funds for this project," added Samuel R. Tyler, chairman of the Holliston Community Preservation Committee. "This town support was crucial in generating other dollars that made Cutler Heights a success."
Cutler Heights was co-developed by three entities with local ties: JNJuhl & Associates headed by Holliston resident Jon Juhl; the non-profit Neighborhood of Affordable Housing Inc. (NOAH) headed by Framingham resident Phil Giffee; and Holliston Housing Development Corp., which is a subsidiary of the Holliston Housing Authority.
The $7.7 million development was financed mostly with federal Low Income Housing Tax Credits distributed by the state Department of Housing and Community Development (DHCD). Awarded during the economic crisis when most tax-credit projects struggled to find private investors, Cutler Heights eventually moved forward when it received $3.9 million in federal stimulus money from the Tax Credit Assistance Program.
"Cutler Heights represents the persistence of the community to push for affordable housing and to overcome any setback," said Karen Spilka, the region's state senator. "This shows that Holliston recognizes the importance of having a diversity of housing in its community."
Using its bank-funded loan pool, the Massachusetts Housing Partnership (MHP) is providing over $1.1 million in permanent, fixed-rate financing. Middlesex Savings Bank is the construction lender. Additional financial support was provided DHCD, by the state's affordable housing trust fund and NeighborWorks America.
Cutler Heights consists of one one-bedroom, 23 two-bedroom and six three-bedroom apartments, all affordable to households earning at or below 60 percent of the area median income, or no more than $55,080 for a family of four. The project also contains anenclosed parking lot, a playground for children at the front of the project and energy-efficient, environmentally-friendly appliances and windows to hold down costs.
For more information, contact MHP Senior Loan Officer Nancy McCafferty at 617-330-9944 x287.