MassHousing will provide approximately $21 million in affordable housing financing to WinnCompanies for the development of The Pointe at Hills Farm, which will feature 93 new apartment homes for residents with a range of incomes in Shrewsbury, Massachusetts.
“MassHousing is pleased to be a partner with WinnCompanies in this effort to transform an underutilized parcel into an exciting new housing community in Shrewsbury that will provide residents of different incomes with housing stability and economic opportunity,” said MassHousing CEO Chrystal Kornegay.
“MassHousing’s support has been crucial to moving this development forward, allowing us to create much-needed, mixed-income apartment homes for the working families who are fueling economic growth in greater Worcester and greater Boston,” said WinnDevelopment Executive Vice President Adam Stein. “This financing keeps us on track to open the community late this year.”
MassHousing is providing WinnCompanies with $10.3 million in permanent financing, $7.9 million in tax credit equity bridge loan financing, and $2.8 million from the Agency’s Workforce Housing Initiative.
Other project financing includes a total of $28 million in state and federal Low-Income Housing Tax Credit (LIHTC) equity. The tax credits were allocated by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) and tax credit equity will be provided by Bank of America. Bank of America is also providing approximately $31 million in construction financing. EOHLC is providing approximately $3 million in direct support as well as $7 million in American Rescue Plan Act (ARPA) financing. The project is also receiving $4.1 million in ARPA financing through the Affordable Housing Trust Fund, which MassHousing manages on behalf of EOHLC, and $265,000 in financing from the Community Economic Development Corporation (CEDAC).
One of the new buildings at The Pointe at Hills Farm will contain 63 new apartment homes and the other will have 30. Residents of both buildings will have access to the amenities at the 63-unit building, which will include a club lounge with a community kitchen, work and gathering space, a conference room, fitness center, two work-from-home rooms, a package room, mail area, and an onsite management office. There will also be outdoor amenity space connecting the buildings with an outdoor kitchen/family area with grills, a lawn space for activities, a fire pit, walking trails, a tot lot, and a dog park.
Of the 93 apartments, 13 will be restricted to households earning up to 30 percent of the Area Median Income (AMI) and will be supported by state MRVP (5) and federal Section 8 (8) housing vouchers, 43 apartments will be restricted to households earning up to 60 percent of AMI. There will be 21 workforce apartments for households earning up to 110 percent of AMI and 16 apartments will b3 unrestricted.
The development will feature three studio apartments, 44 one-bedroom apartments, 36 two-bedroom apartments, and 10 three-bedroom apartments. Construction is expected to be completed in 18 months.
The general contractor will be Dellbrook JKS, the architect is Cube 3 Architects, and the property manager will be WinnCompanies.
