Pennrose has closed on the financing and started construction on an affordable housing development that includes the redevelopment of a historic school in Auburn, Mass.
The project involves the renovation of the 1920s-era Mary D. Stone School, the demolition of later-built wings, and the construction of a new addition. In all, there will be 55 studio, one-, and two-bedroom apartments, with 80% of the units for seniors at or below 60% of the area median income (AMI). The remaining 20% will be rented at market rates.
The development will also include a community room, a meeting room, and laundry rooms. As part of the effort, Pennrose has contributed $25,000 to the town for new equipment for a playground that will remain behind the building and owned by the town for residents’ continued use. Pennrose is adding landscaping and benches to enhance the area.
“Since being selected for the project, Pennrose has worked closely with the town of Auburn to progress the design and financing plan,” said Charlie Adams, regional vice president at the company. “We see great opportunities here to create some intergenerational experiences for our residents and the community. This is an exciting step in the first of two pivotal projects for the community.”
To gain community input, an aging-in-place charrette, co-sponsored by Enterprise Community Partners and Pennrose, was held in September 2017. The goal was more than just creating units to meet the local demand for affordable housing but to make these safe, welcoming homes where seniors can continue to be active members of the community. From this design charrette, a prioritized list of needs and wants for the future developments was created. Preliminary plans were also presented at the Auburn Senior Center to solicit input from the seniors.
“Now more than ever we need this kind of housing,” said Timothy I. Henkel, Pennrose principal and executive vice president. “This housing offers seniors who are currently living in unhealthy housing conditions like basements, overcrowded situations, or simply in isolation access to safe and secure housing, which will enhance their mental and physical well-being.”
Financing for the project includes 9% federal and state low-income housing tax credits through the state Department of Housing and Community Development (DHCD). DHCD has provided HOME, Housing Stabilization Funds, and Affordable Housing Trust Funds in addition to project-based Section 8 rental housing assistance to make units affordable seniors. The Massachusetts Historic Commission provided state historic tax credits. Equity and debt partners include CREA, Dorfman Capital, BlueHub Capital, Massachusetts Housing Partnership, and Citizens Bank.
Continuing their collaboration, Pennrose and town officials are planning to develop the Julia Bancroft School into a 60-unit, senior, mixed-income rehabilitation project. That site is 3.3 acres with an existing 37,000-square-foot, two-story historic building. The redevelopment plan will renovate the original 1920s historic structure while demolishing the later addition and replacing it with a new three-story structure. Pennrose has an application for funding pending with the state.
