Affordable Housing and Services Collaborative, Inc. Closes on Prospect Estates in Webster Massachusetts

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Prospect Estates
Located at 10 and 41 Prospect Street, both properties associated with Prospect Estates were former school buildings and originally redeveloped as affordable housing in the late 1990s.

Affordable Housing and Services Collaborative, Inc. (AHSC), a nonprofit organization that owns and develops affordable rental communities, recently closed on Prospect Estates in Webster, Massachusetts, as a result of financing from MassHousing and the Executive Office of Housing and Livable Communities (EOHLC).

The property was subsequently sold to the non-profit Women’s Institute for Housing and Economic Development (WIHED) in 2013. In 2021, AHSC acquired ownership of Prospect Estates and transitioned property management to Peabody Properties, Inc.

With financing now in place, AHSC can move forward with plans to preserve and improve Prospect Estates, with over $7 million of improvements that will include full interior and exterior renovation of both buildings to address short and long-term capital needs and updating the property to modern-day standards and compliance. The property has 25 studio, one-bedroom, two-bedroom, and three-bedroom affordable housing units for families with incomes between 30% and 60% AMI (area median income).

The Architectural Team (TAT) will serve as project architect, NEI General Contracting as general contractor, Horsley Witten as environmental engineer, and Weston & Sampson as civil engineer.

“We’re pleased that this project is now underway, and will preserve essential affordable housing to the Webster community,” said Michael Mattos, president/executive director of Affordable Housing and Services Collaborative, Inc. “We are thankful for our continued partnership with MassHousing and the EOHLC in our mutual mission to confront housing challenges and improve lives.”

Affordable Housing and Services Collaborative, Inc. (AHSC) is a 501c3 nonprofit organization founded in 2001 to develop affordable housing, as well as to promote and enhance the quality of life for residents of affordable housing.