Posted on July 9, 2014
STOW, July 9, 2014 --- During the ribbon cutting for Pilot Grove II, Town Clerk Linda Hathaway recalled when the land was part of her family's farm and when her grandparents, aunts and uncles would reminisce about winters spent sliding down the hill and right across what is now a busy West Acton Road. In the 1980s, when her family decided to sell the land for affordable housing, she recalled her grandfather, Fran Warren, explaining why the family was selling its beloved sledding hill.
"I remember him saying he didn't want to see only 'McMansions' being built in town," she said. "He wanted to see some affordable housing and he wanted to see regular people enjoy this property and the views. All of us in the family feel this way."
Hathaway wished her grandfather could've been there on June 23 but she was there with her uncle, Skip Warren the sheep farmer, to be a part of the grand opening of Pilot Grove II, a 30-unit affordable rental apartment community for families just down the hill from Pilot Grove I, a 60-unit community built in the 1980s after the Warren family sold this piece of land across from their farm.
Both phases of Pilot Grove were developed by the Stow Community Housing Corporation, a local nonprofit that has been effective in helping the town increase its supply of affordable housing.
"On behalf of Governor Patrick, we owe the town a debt of gratitude for helping to advance the Patrick Administration's housing agenda by creating these two- and three-bedroom units for families," said Aaron Gornstein, the state's undesecretary for housing. "And we also say thanks to the Stow Community Housing Corporation for continuing its legacy of sticking with it and building high-quality affordable housing for the community."
Pilot Grove II was financed primarily with federal low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD). The state provided additional support through federal HOME funds, its Housing Stabilization Fund and the Affordable Housing Trust Fund.
MHP used its bank-funded loan pool to provide $1.5 million in long-term financing for Pilot Grove II. This is the second loan MHP has made to the Stow Community Housing Corporation (SCHC). In 2004, MHP provided $1.56 million in financing to an SCHC subsidiary to preserve and renovate Plantation Apartments, a 50-unit apartment complex for the elderly.
"We are very humbled and thrilled to be be financing more affordable housing in Stow," said MHP Director of Lending David Rockwell. "We are looking forward to doing more work with you."
The Town of Stow was also an integral supporter of the project, providing a Ch. 40B comprehensive permit to allow for the five-building complex to be built, as well as $825,000 in Community Preservation Act Funds and $20,000 from its Affordable Housing Trust Fund.
Additional support was provided by the Massachusetts Housing Investment Corp., which was the tax credit syndicator, with TD Bank North coming in as the tax credit investor. The Community Economic Development Assistance Corp. provided pre-development funding.
Ellen Cataldo, president of the SCHC, served as master of ceremonies at the grand opening. Also speaking were state Rep. Kate Hogan, Kathy Sferra of the town's community preservation comittee, Peter Sargent of MHIC, Thomas McColgan of TD Bank North and Peter Munkenbeck, advisor to the SCHC.
For more information about this development and MHP's financing options, contact Senior Loan Officer Megan Mulcahy at mmulcahy@mhp.net.